“Canada’s merchandise trade deficit with the world narrowed to $416 million in September from $551 million in August. Imports fell 0.4%, while exports edged down 0.2%,” Statistics Canada reported on Friday.
Key takeaways from the official publication
- Total imports fell 0.4% to $50.8 billion in September, despite gains in 6 of 11 product sections.
- Imports of energy products fell 11.5% to $3.0 billion in September.
- Crude oil imports, down 13.2%, led the decline, mainly due to lower imports from Saudi Arabia and the United Kingdom.
- Exports edged down 0.2% in September to $50.4 billion, despite increases in 6 of 11 product sections.
- Higher exports of energy products (+2.3%) partially offset the overall decrease in September.
- Imports from countries other than the United States fell 3.3% to $17.7 billion in September, the fourth consecutive monthly decrease.
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