Canada’s Exports Drop Again

Trade deficit near $1 billion in September.

Canada’s trade deficit stayed close to $1 billion in September, defying expectations that it would be much smaller.

Economists had predicted a trade deficit of $650 million for the month, but the deficit turned out to be $987 million.

Canada’s exports dropped 1.3% in September, with some of the biggest drops happening in the energy sector. Exports of refined gold also fell.

The value of imports also fell, down 1.7%.

In terms of volume changes (rather than price value), exports dropped a full 2.1%, while imports fell 1.6%.

The numbers for August were even worse, with the trade deficit being revised from $955 million to $1.2 billion.

In total, exports are down in the quarter by 2.3%.

This is yet more economic data showing the weakness of the Canadian economy.

Spencer Fernando