Canada's merchandise exports rise

Canada's merchandise exports rose 3.4% in October, led by a strong gain in exports to the United States, which accounted for three-quarters of the increase.

Canada posted a trade surplus with the world of $428 million, as imports decreased 0.8% in October compared with a deficit of $850 million in September.

Exports increased by $1.0 billion to $31.1 billion, as a result of a 2.6% rise in volumes and a 0.8% increase in prices. This was the second consecutive monthly increase in the value of exports and the fourth advance in five months.

Industrial goods and materials led the growth, representing more than half of the increase in exports. Energy products, agricultural and fishing products, as well as automotive products also contributed to the gain. Lower exports of machinery and equipment slowed the increase.

Imports declined to $30.7 billion, as prices decreased 1.2% while volumes inched up 0.3%. This third consecutive monthly decrease in the value of imports was mostly due to machinery and equipment followed by industrial goods and materials. Higher imports of energy products moderated the decrease.

Exports to the United States grew 3.6% while imports fell 3.1%. As a result, Canada's trade surplus with the United States expanded to $3.4 billion in October from $2.0 billion in September. The October increase in exports to the United States was the third advance in five months.

Canada's trade deficit with countries other than the United States was $3.0 billion in October compared with $2.9 billion in September, as exports grew 2.9% and imports rose 3.2%.

Exports of precious metals reach a record high

Exports of industrial goods and materials increased 8.8% to $7.2 billion on the strength of precious metals. Exports of precious metals rose 34.0% to a record high of $1.3 billion. Worldwide surges in gold prices and in the demand for gold bars fuelled the rise. Exports of copper ores and of other crude non-metallic minerals also posted solid gains in October. The growth in the industrial goods and material sector was largely the result of a 6.6% increase in volumes as prices grew 2.1%.

After three consecutive months of decline, exports of energy products rose 6.5% to $6.8 billion, as prices increased 4.6% and volumes grew 1.8%. This was the fourth increase in prices since July 2008 while volumes increased for a fifth straight month. Petroleum and coal products such as fuel oils, followed by crude petroleum, largely accounted for the gain in this sector in October.

Exports of agricultural and fishing products rose 2.9% to $2.8 billion, mostly due to increased exports of canola, up 48.0% to $275 million. In June, exports of canola hit a record high of $421 million. This peak was followed by three months of decline as crops matured late this year due to a cooler than usual summer. Wheat exports, down for the fourth consecutive month, moderated the growth.

Exports of automotive products increased 1.1% to $4.2 billion, led by passenger autos, which rose 4.7% as a result of higher demand in the United States. Since January 2009, exports of passenger autos have been on an upward trend and reached $2.8 billion in October, the highest level since September 2008. Exports of trucks (-15.5%) and motor vehicles parts (-3.7%) declined in October.

Moderating the increase in overall exports, machinery and equipment fell 2.5% to $6.2 billion. Exports of industrial machinery and other transportation equipment led the decline while aircraft and telecommunication equipment posted gains in October.

Machinery and equipment accounts largely for the decline in imports
For a third consecutive month, machinery and equipment imports were down, decreasing 4.4% to $8.4 billion. Although the declines were widespread across the sector, industrial and agricultural machinery accounted for 61% of the drop.

Imports of industrial goods and materials declined 1.5% to $6.3 billion. The drop was mainly due to lower imports of chemical products, metal in ores and other non-ferrous metals. Curbing the decline was a 21.3% gain in imports of precious metals, which grew for a third consecutive month and reached their highest level in October, reflecting the high demand for gold.

In contrast, imports of energy products grew 6.3% to $2.8 billion as volumes increased 6.6%. Imports of crude petroleum led the gain.

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