Statistics Canada show that the merchandise trade deficit shrunk in October

December 5, 2024 TruthUSA

According to Statistics Canada, the country’s merchandise trade deficit shrank to $924 million in October due to an increase in exports, marking the first rise since June.

This figure contrasts with a deficit of $1.3 billion in September.

Exports saw a 1.1 percent growth in October, reaching $64.2 billion following three consecutive monthly declines.

The surge in exports was driven by a 10.6 percent increase in metal and non-metallic mineral products, particularly with a 20.9 percent boost in exports of unwrought gold, silver, and platinum group metals, as well as their alloys.

Imports also saw a 0.5 percent uptick, reaching $65.1 billion. However, Statistics Canada noted that estimated values were added to most product categories due to delays in receiving the October data.

Statistics Canada’s primary data source for import statistics is currently undergoing significant changes due to a shift to a digital platform for paying duties. This transition has temporarily affected the completeness and accuracy of trade statistics.