Trade deficit climbed to $ 3.3 billion in September
Exports rose 1.5% in September to $ 45.5 billion, as exports of forestry products and building and packaging materials rose 10.4% in September, Statistics Canada said.
Share November 4, 2020 4:30 p.m. Share Trade deficit climbs to $ 3.3 billion in September The Canadian Press OTTAWA – Canada's merchandise trade deficit with the world climbed to $ 3.3 billion in September, Statistics Canada reported on Wednesday . Both exports and imports increased, while remaining below their pre-pandemic levels.
By comparison, August's trade deficit stood at $ 3.2 billion, the federal agency said.
Economists on average expected a deficit of $ 2.6 billion for September, according to forecasts collected by financial data firm Refinitiv.
“The uneven recovery in Canadian international trade flows continued in September, although the pace of improving international trade stabilized after the initial rapid rebound in June and July,” wrote economist Nathan Janzen, of the Royal Bank, in a report.
Exports rose 1.5% in September to $ 45.5 billion, Statistics Canada said. Expressed in volume, they increased by 1.2%.
Exports of forestry products and building and packaging materials rose 10.4% in September, as higher prices helped boost lumber exports 23.0% to $ 1.6 billion – their highest level in 14 years.
Exports of aircraft and other transportation equipment and parts increased 13.4%.
Meanwhile, imports climbed 1.5% in September to reach $ 48.8 billion, while their increase in volume terms was 0.6%.
Imports of energy products advanced 28.8%, due to an 87.1% growth in crude oil imports. These exceeded $ 1 billion for the first time since March, as Canadian refineries bought more crude oil from Louisiana.
Statistics Canada reported that crude oil imports averaged $ 1.6 billion per month in 2019, but fell to $ 563 million between April and August of this year.
Canada's trade surplus with the United States fell to $ 2.0 billion in September, from $ 2.9 billion in August, as exports to the country's main trading partner fell 1.6% while imports from south of the border increased 1.2%.
Canada's trade deficit with countries other than the United States fell to $ 5.3 billion in September, from a deficit of $ 6.1 billion in August.
In September, monthly services exports fell 2.5% to $ 9.1 billion, while services imports rose 1.2% to $ 9.1 billion.
Canada's trade deficit with the world for goods and services combined stood at $ 3.2 billion in September, Statistics Canada said.