Canada imports and exports trends
- Prior month 0.72B revised to 0.95B
- Trade balance for September 2.04B vs x.xB estimate
- Exports C$ 67.03B versus 65.28B last month (revised from 64.56B)
- Imports C$ 64.99B versus 64.33B last month (revised from 63.84B)
- Exports +2.7%.
- Imports +1.0%
Details
- Exports increase for the third consecutive month.
- From June to September, the value of exports rose 11.4%.
- Increases in exports were observed in 7 of the 11 product sections in September, with energy products accounting for most of the gain in total exports.
- The contribution of prices to the monthly export movement was noteworthy in September; exports were up slightly by 0.4% in real (or volume) terms.
- Combined, the increases in Canadian exports observed in August and September have almost offset the decline in July, which was partly driven by port disruptions in British Columbia. Despite the overall increase in September, more product sections declined than increased in the month.
- In real (or volume) terms, imports were up 1.7%.
- Imports of motor vehicles and parts rose 5.8% in September, a sixth consecutive monthly increase. These imports were up 24.0% in the first nine months of 2023 compared with the same period in 2022.
- Higher imports of passenger cars and light trucks (+9.4%) in September were responsible for most of the monthly increase, amid strong Canadian demand and increased model availability.
- Higher imports from Mexico led the gain in September. Despite disruptions caused by strike activity in the United States auto manufacturing industry, imports from that country were relatively stable, with inventories compensating for the loss of production.
Decent news for both imports and exports and the trade surplus.
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