Canada international merchandise trade for October C$-1.08 billion versus C$-1.45 billion

Canada international merchandise trade balance for October 2019

• international merchandise trade deficit C$-1.08 billion versus C$-1.45 billion
• The September data was revised toC$1.23B from C$978M
• trade surplus with US hitsC$5.5B. That is the widest since 2008
• on volume basis Canadian exports climbed 0.7% while imports were also up by 0.8%
• Canadian exports increase 0.8% in October, imports up 0.5%
• miscellaneous consumer goods, energy and metals least Canadian export gain
• exports to China plunged 19.3% on crops, biggest drop since 2012
• motor vehicle exports drag, but that coincides with General Motors labor dispute
• largest upside contributor to exports was consumer goods
• largest downside contribute to exports was the agricultural category
• trade balance with China was C$-2.2B vs -C$1.93B last month

The Bank of Canada has warned about the impact of trade on the economy. The export plunge of 19.3% to China is indicative. The surplus with the US will probably cross Pres. Trump's desk and may anger him on the back of the NATO developments (Canada not paying their 2% share of NATO, and the backtalk at the cocktail reception from PM Trudeau).