Canada international merchandise trade for September 2019
- Canada merchandise trade deficit comes in at -0.98 billion versus -0.65 billion estimate.
- The August deficit was increased to $-1.24 billion from -0.96 billion previously reported
- exports fell -1.3%
- imports fell -1.7%
- third-quarter exports fell -2.3% with export volumes down -0.5% in the 3rd quarter
- Canada's trade surplus with the US narrows toC$4.8B from C$4.9B
- Gold, crude oil leak Canada export drops. Canola exports plunge
Ongoing trade conflicts between the US and China is hitting business investment in Canada and weighing on export markets. The Bank of Canada forecast last week they were be an outright decline in exports and investment in the 2nd half.
Both exports and imports fell but imports fell more quickly by -1.7%. Exports fell -1.3% led by declines in energy products particularly crude oil.
Canola plunged -49% September and reached the lowest level in more than 6 years. The plunge is being attributed to declines in shipments to China. At the same time Canada bought more Chinese goods which increased their deficit with that country.
