- Tim McMillan, the Canadian Association of Petroleum Producers
Canada's trade deficit narrowed in September amid increasing exports of consumer goods and energy products and as imports declined for the first time in five months. The trade gap declined to a deficit of C$1.73 billion, beating analysts' expectations for a deficit of C$1.90 billion. Exports climbed 0.7% to C$44.5 billion with volumes rising by the same amount as prices were unchanged. In August, outbound shipments plunged 2.9%. Meanwhile, imports declined by 1.3% to $46.2-billion, due to a 14.3% drop in metal and non-metallic minerals and a 12.3% decrease in energy products. Exports advanced 4% over the three months through September, compared with the 2.4% increase of imports. After stripping out short– term price changes, exports climbed 2.9% and imports fell 0.2%, Statistics Canada reported.
The report adds to evidence the world's 11th biggest economy is stabilizing after the shock of lower oil prices that undermined output in the first half of the year. Canada's gross domestic product has increased the last three months and employers have kept adding jobs this year.
© Dukascopy Bank SA