January 12, 2017
Statistics Canada announced that the country's merchandise trade balance in November recorded its first trade surplus since September 2014, moving from a $1.0 billion deficit in October to a $526 million surplus in November.
According to the federal agency, Canada's exports were up 4.3%, on the strength of increased exports of metal and non-metallic mineral products as well as record exports to countries other than the United States. Imports were up 0.7%, mainly on higher imports of energy products.
Exports totaled $45.6 billion in November, the highest level since the record $45.7 billion in January 2016. Exports of metal and non-metallic mineral products increased 10.6% to $5.3 billion in November, the highest value since December 2014. Exports of metal ores and non-metallic minerals rose 26.4% to $1.7 billion Exports of aircraft and other transportation equipment and parts also rose in November, up 7.7% to $2.0 billion.
Total imports climbed up to $45.1 billion. Higher imports of energy products and consumer goods were mostly offset by lower imports of aircraft and other transportation equipment and parts, and motor vehicles and parts.
Exports to countries other than the United States rose 9.5% to a record $12.0 billion in November, surpassing the previous record set in December 2011, while imports from those countries were up 3.5% to $15.6 billion. Consequently, Canada's trade deficit with countries other than the United States narrowed from $4.2 billion in October to $3.7 billion in November, the smallest deficit since November 2014.
Exports to the United States also rose in November, up 2.5% to $33.7 billion, while imports from the United States were down 0.7% to $29.5 billion. Consequently, Canada's trade surplus with the United States widened from $3.2 billion in October to $4.2 billion in November, the largest surplus since June 2015.