“Canada’s exports were down 1.2% in October, principally on lower exports of crude oil. Imports were down 0.6%, mainly due to fewer imports of passenger cars and light trucks,” Statistics Canada reported on Thursday and added: “As a result, Canada’s merchandise trade deficit with the world widened from $891 million in September to $1.2 billion in October.”
Key quotes
- Exports of energy products fell 12.4% to $8.8 billion in October.
- Exports of crude oil (-16.2%) drove the decrease, offsetting most of the earlier gains in 2018.
- Imports of motor vehicles and parts declined 3.5% to $9.1 billion in October.
- There were lower imports of passenger cars and light trucks, down 5.8% to $3.9 billion, the first time import levels have fallen below $4 billion since December 2016.
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