OTTAWA (Reuters) – Canada recorded a bigger than expected trade deficit of C$924 million ($657.60 million) in October, its eighth straight monthly trade shortfall, as export growth could not offset a smaller rise in imports, Statistics Canada data showed on Thursday.
Analysts polled by Reuters had forecast a C$790 million deficit in the month. September’s trade balance was revised to a C$1.3 billion deficit from C$1.26 billion reported initially.
Total exports rose 1.1% in October, mainly due to metal and non-metallic mineral products. Imports were up 0.5%, led by increases in metal ores and non-metallic minerals and energy products.
Data last week showed the Canadian economy underperformed the central bank’s third-quarter growth forecast, and likely started the fourth quarter with a small growth in October.
($1 = 1.4051 Canadian dollars)
(Reporting by Ismail Shakil and Dale Smith in Ottawa; Editing by Promit Mukherjee)
Comments