Canadian trade deficit grew as oil prices weighed on exports
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.
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.