Canada trade balance
- Prior was -1.26B
- Exports $64.22B vs $63.88B prior
- Imports $65.14B vs $65.15B prior
- First increase in exports since June, but gains were concentrated in precious metals
- Trade surplus with US shrank to C$6.2B from C$7.9B as exports to US fell 2.8%
- Gold exports surged, especially to UK and Hong Kong (+20.9%)
Key Details:
- 8 of 11 export sectors declined despite headline gain
- Consumer goods exports +4.7%, led by pharma products
- US remains key concern with exports down 8.0% y/y
Worth noting:
- Import data quality issues due to new customs system implementation
- Services deficit of C$77M vs +C$155M surplus in September
