Canadian merchandise trade surplus grew in October

OTTAWA – Statistics Canada says the country’s merchandise trade surplus increased to $2.1 billion in October as exports of motor vehicles and parts and energy products rose higher.

The result compared with a revised trade surplus of $1.4 billion for September compared with the initial reading of a $1.9-billion surplus.

Statistics Canada says exports in October climbed 6.4 per cent to a record $56.2 billion. Exports of motor vehicles and parts rose 30.8 per cent to $6.1 billion as stoppages in the auto sector related to semiconductor chip shortages eased compared with September.

Higher prices also helped exports of energy products gain 9.8 per cent to reach a record $13.9 billion.

Total imports rose 5.3 per cent to a record $54.1 billion as imports of motor vehicles and parts added 27.2 per cent in October to reach $8.5 billion.

In volume terms, total exports rose 2.8 per cent in October, while total imports rose 7.0 per cent.

This report by The Canadian Press was first published Dec. 7, 2021.