World Economy

Canada Trade Deficit Narrows

Canada Trade Deficit NarrowsCanada Trade Deficit Narrows

Canada’s trade deficit narrowed more than expected in September, helped by a modest pick up in exports including consumer goods and energy products, data from Statistics Canada showed on Wednesday, Reuters reported. The trade gap declined to a deficit of C$1.73 billion ($1.32 billion), coming in better than analysts’ expectations for a deficit of C$1.90 billion. Exports rose 0.7% with volumes increasing by the same amount as prices were unchanged. Consumer goods led the way up, while a rebound in prices saw exports of energy products increase. Exports to the United States, Canada’s largest trading partner, edged down 0.3%. But exports to countries other than Canada’s neighbor to the south surged 4% as more goods went to countries including Turkey and Spain. Overall imports fell 1.3% after rising for the past four months in a row. September’s decline was driven by a decrease in imports of metal and non-metallic mineral products, as well as a decrease in energy imports.