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Monday, May 27, 2024

Exports to U.S. highest in 8 months

Canada’s merchandise exports grew 4.2 percent in September, while imports declined 0.3 percent.

As a result, Canada’s trade balance with the world went from a deficit of $487 million in August to a surplus of $1.2 billion in September — the first trade surplus since January 2011, reports Stats Canada.

Exports rose to $39.7 billion, the highest value since October 2008, as six of seven sectors posted gains. Prices, which rose 3.9 percent, were the main factor behind the increase while volumes edged up a third of a point.

Exports to the United States increased 5 percent to $28.2 billion, the highest value since January 2011. Stateside imports decreased 1 percent to $23.8 billion.

Imports decreased to $38.5 billion, as volumes fell 3.1 percent and prices increased 2.8 percent.

The decline was led by lower imports of machinery and equipment as well as automotive products, as both sectors experienced a decline in volumes. Partly offsetting the decrease in imports were gains in energy products, and industrial goods and materials.