Trade Gap Narrows in October

trade deficit

CBJ — The nation’s trade deficit narrowed to $1.5 billion October, representing a large decline after reaching a revised $3.4 billion the previous month.

According to Statistics Canada exports made gains in most business sectors totalling $44.5 billion, which marked a turnaround from the previous four months when there had been a contraction.

Energy exports fared especially well along with improved movement of canola seed and canola oil. Imported products were down 1.6% to just under $46 billion.

Canada’s trade surplus with the United States widened from $2 billion in September to $3.5 billion in October, which is certain to make NAFTA negotiations that much more difficult with the Trump administration looking to close that gap.