Cana­dian trade deficit grew in Oc­to­ber

The Standard (St. Catharines) - - Business -

OT­TAWA — Fall­ing oil prices took a bite out of ex­ports in Oc­to­ber as Canada’s mer­chan­dise trade deficit in­creased to roughly $1.2 bil­lion in Oc­to­ber com­pared with $891 mil­lion in Septem­ber, Sta­tis­tics Canada said Thurs­day. Economists had ex­pected a deficit of $700 mil­lion, ac­cord­ing to Thom­son Reuters Eikon. “Oc­to­ber’s sur­prise dis­ap­point­ment in the trade deficit adds to weak­ness from the prior month but the de­tails re­veal that mo­men­tum be­neath the sur­face is some­what stronger,” CIBC econ­o­mist Kather­ine Judge wrote in a re­port. In vol­ume terms, ex­ports in­creased 1.2 per cent as lower en­ergy prices led to a 2.3 per cent drop in to­tal ex­port prices. Real im­ports were essen­tially un­changed. Judge noted the in­crease in ex­port vol­umes was a pos­i­tive in­di­ca­tor for man­u­fac­tur­ing ship­ments and monthly GDP.

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