The latest data from Statistics Canada reveals that Canadian exports to Belgium, which amounted to $295 million in August and were down substantially to $131 million in September, were back up to $176 million in October. Canadian imports from Belgium on the other hand, which amounted to $210 million in August and had gone down to $147 million in September, grew back up to $158 million in October. As this data shows, our bilateral trade fluctuates and it will be interesting to see how it will evolve in the months ahead.
Overall, Canada’s merchandise imports were up 0.5% to $44.8 billion in October, while exports increased by a mere 0.1% to $44.9 billion, bringing Canada’s trade surplus with the world from $307 million in September down to $99 million in October.
The increase in imports was led by consumer goods (+3.%) and aircraft and other transportation equipment and parts (+12.4%), while imports of energy products were down (-10.1%).
The marginal increase in exports came from industrial machinery, equipment and parts (+8%), while exports of farm, fishing and intermediate food products declined (-8.6%).
Geographically, Canada’s imports from the United States rose 1% to $30.3 billion, while imports from countries other than the United States declined 0.5% to $14.5 billion, the main contributors being Germany (-11.5%) and the United Kingdom (-11.2%) while imports from China increased (+3.5%). Exports to the United States were up 0.7% to $33.9 billion, while exports to countries other than the United States declined 1.8% to $11.1 billion. Exports to Hong Kong fell by half and exports to Germany fell substantially (-29.9%) but exports to the United Kingdom were up (+10.2%).
As a result, Canada’s trade surplus with the United States narrowed from $3.6 billion to $3.5 billion, while our trade deficit with other countries widened from $3.3 billion to $3.4 billion.
South of the border meanwhile, the U.S. goods and services deficit reached $43.4 billion in October, down from $43.6 billion in September, with exports at $197.5 billion and imports at $241 billion.
Capital goods, civilian aircraft and generators, transformers and accessories contributed the most to the increase in exports of goods while automotive vehicles and parts, trucks and buses lead the increase in imports. The U.S. recorded surpluses in its trade with South and Central America and with the United Kingdom, but had deficits with China, the European Union (mainly Germany, Italy and France), Japan, Mexico, Canada, South Korea, India and Saudi Arabia.
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Sources : Statistics Canada, U.S. Census Bureau