Canada October trade balance -$0.92 vs -$0.79 billion expected

December 05, 2024 at 01:30PM

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

This article was written by Adam Button at www.forexlive.com.

Canada October trade balance -$0.92 vs -$0.79 billion expected