Canada's trade surplus widens to $3B in October

By Ovunc Kutlu

ISTANBUL (AA) - Canada's merchandise trade surplus increased to $3 billion in October, according to figures released Wednesday by the country's statistical body.

The expectation was for the figure to come in at $1.6 billion, while the North American country's trade surplus in September stood at $1.1 billion.

Total merchandise imports fell 2.8% in October, while the value of exports increased 0.1%, Statistics Canada in a statement.

In October imports, there were decreases in eight of the 11 product sections, with mineral products falling 14.7%, while gold, silver and platinum group metals plummeted 41.2%.

Exports in October, on the other hand, recorded the fourth consecutive monthly increase, with aircraft and other transportation equipment and parts soaring 15%.

"Canada's trade deficit with countries other than the United States narrowed from $9.9 billion in September to $9.1 billion in October," said the statistical body.

"Following three consecutive monthly increases, exports to the United States were down 1.0% in October. Imports from the United States also fell, declining 3.9%. As a result, Canada's trade surplus with the United States widened for a fourth consecutive month, going from $11.0 billion in September to $12.1 billion in October," it added.