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Canada's merchandise exports rose 3.1% to $33.8 billion in October, on the strength of industrial goods and materials, as exports of precious metals and copper ores reached record highs. Excluding industrial goods and materials, exports declined 0.2%.

Exports of agricultural and fishing products and automotive products also grew in October. In contrast, declines were recorded in exports of machinery and equipment and energy products.

Exports volumes increased 3.0% and prices edged up 0.1% during the month.

Imports increased 1.2% to $35.5 billion, as import volumes grew 1.7% while prices decreased 0.5%. Import volumes have been on an upward trend since March 2009.

Energy products led the growth in overall imports followed by automotive products and other consumer goods. These gains were moderated by a decline in imports of industrial goods and materials.

As a result, Canada's trade deficit with the world narrowed to $1.7 billion in October from $2.3 billion in September.

Exports to the United States increased 0.4% while imports grew 1.7%. Consequently, Canada's trade surplus with the United States declined from $1.4 billion in September to $1.1 billion in October, the smallest trade surplus with the United States since September 1992.

Exports to countries other than the United States rose 10.1% to $10.1 billion, their highest level since November 2008 while imports increased slightly 0.3%. Thus, Canada's trade deficit with countries other than the United States declined from $3.7 billion in September to $2.8 billion in October.

Note to readers

Merchandise trade is one component of Canada's international balance of payments, which also includes trade in services, investment income, current transfers as well as capital and financial flows.

International merchandise trade data by country are available on both a balance of payments and a customs basis for the United States, Japan and the United Kingdom. Trade data for all other individual countries are available on a customs basis only. Balance of payments data are derived from customs data by making adjustments for characteristics such as valuation, coverage, timing and residency. These adjustments are made to conform to the concepts and definitions of the Canadian System of National Accounts.

Data in this release are on a balance of payments basis, seasonally adjusted in current dollars. Constant dollars are calculated using the Laspeyres volume formula.

Revisions

In general, merchandise trade data are revised on an ongoing basis for each month of the current year. Current year revisions are reflected in both the customs and balance of payments based data. Revisions to customs based data for the previous year are released on a quarterly basis. Revisions to balance of payments based data for the three previous years are released annually in June.

Factors influencing revisions include late receipt of import and export documentation, incorrect information on customs forms, replacement of estimates with actual figures, changes in classification of merchandise based on more current information, and changes to seasonal adjustment factors.

Revised data are available in the appropriate CANSIM tables.