Statistics Canada reports trade deficit narrowed to $978M in September

Canada merchandise trade deficit comes in at -0.98 billion versus -0.65 billion estimate.

The figure was down from a Can$1.2 billion shortfall (revised upward) in the previous month, and wider than economists expected. Exports fell 1.3 percent to CAD 49.8 billion, while imports dropped 1.7 percent to CAD 50.8 billion. Total imports also declined by 10.5 percent to $9.02 billion from $10.08 billion during the same comparable period, data showed.

Gold contributed most to the drop, with imports of gold for refining down mainly on lower shipments from Peru, Japan and Brazil. Exports of refined gold fell in September, largely eliminating gains in July and August.

Canola exports fell nearly 50 percent, reaching their lowest level in more than six years after China blocked imports. Crude oil exports fell 2.1 per cent because of lower volumes, after rising on higher prices in August.

Soybeans exports also decreased in the month.

UCL: Barcelona frustrated by Slavia Prague at Nou Camp
Arturo Vidal and Lionel Messi combined well to set up Griezmann before the end of the first half, but the striker's shot was blocked by Jan Boril.

"Unfortunately, demand for Canadian exports remains clouded by trade uncertainty and the recent contraction in US manufacturing activity", Abdelrahman wrote in a brief report.

"While this looks like a soft report, the declines in two-way trade were anticipated and not any worse than we had feared", said Andrew Grantham of CIBC Economics. "Exports to the United States were down 0.6% in September, while imports edged down 0.4%".

Imports rose 1.6 per cent on a volume basis in the third quarter, driven mostly by motor vehicles and parts, the agency said.

As a result, Canada's bilateral trade surplus shrank to C$4.76 billion in September from C$4.85 billion in August. The plunge is being attributed to declines in shipments to China.

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