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Canada’s trade balance with the world contracted to its lowest level since December 1998, as exports declined and imports increased.
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Exports decreased 2.3% to $37.7 billion in September, the lowest level since October 2006. Only three sectors – automotive products, energy products and other consumer goods – recorded gains.
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Imports rose 2.2% to $35.1 billion, recapturing some of the loss registered in August. Energy products was by far the prime force behind the rise, followed by industrial goods and materials, automotive products and other consumer goods.
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With imports rising and exports falling, the nation’s trade balance with the world narrowed to $2.6 billion, falling to its lowest level since December 1998. The trade surplus with the United States shrank to $6.2 billion.
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The trade deficit with countries other than the United States expanded to $3.5 billion. All principal trading areas contributed to the increase, with the exception of Canada’s trade deficit with Japan which decreased.
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Between January and September based on the Bank of Canada’s monthly noon spot rate average, the Canadian dollar appreciated 13% against its American counterpart, reaching parity at the end of September.
