Canada Balance Commerciale

Canada posted a trade deficit of CAD 0.92 billion in October of 2024, narrowing from the CAD 1.26 billion gap in the previous month but wider than market expectations of a CAD 0.8 billion deficit. Despite the improvement, it marked the eighth consecutive monthly deficit. Imports rose by 0.5% to CAD 65.1 billion, led by metal ores (+46.1% to CAD 3.2 billion) and energy products (+6.2% to CAD 7.9 billion), offsetting declines in consumer goods (-1.6% to CAD 11.5 billion) and chemicals (-2.3% to CAD 4.2 billion). Exports increased by 1.1% to CAD 64.2 billion, driven by metal and non-metallic mineral products (+10.6% to CAD 8.6 billion), including unwrought gold (+20.9%), and pharmaceutical goods (+36.8% to CAD 4.1 billion). Exports to the US fell 2.8%, narrowing the surplus with the US from CAD 7.9 billion to CAD 6.2 billion, while exports to other countries surged 13.1%, reducing the non-US trade deficit from CAD 9.2 billion to CAD 7.1 billion.