Canada international merchandise trade balance for October 2019

  • international merchandise trade deficit C$-1.08 billion versus C$-1.45 billion
  • The September data was revised toC$1.23B from C$978M
  • trade surplus with US hitsC$5.5B. That is the widest since 2008
  • on volume basis Canadian exports climbed 0.7% while imports were also up by 0.8%
  • Canadian exports increase 0.8% in October, imports up 0.5%
  • miscellaneous consumer goods, energy and metals least Canadian export gain
  • exports to China plunged 19.3% on crops, biggest drop since 2012
  • motor vehicle exports drag, but that coincides with General Motors labor dispute
  • largest upside contributor to exports was consumer goods
  • largest downside contribute to exports was the agricultural category
  • trade balance with China was C$-2.2B vs -C$1.93B last month

The Bank of Canada has warned about the impact of trade on the economy. The export plunge of 19.3% to China is indicative. The surplus with the US will probably cross Pres. Trump's desk and may anger him on the back of the NATO developments (Canada not paying their 2% share of NATO, and the backtalk at the cocktail reception from PM Trudeau).