Canada Posts Largest Trade Surplus With US As China Exports Fall

Sumaira FH Published December 05, 2019 | 10:35 PM

Canada in October recorded its largest trade surplus with the United States in a decade though its deficit slightly narrowed to Can$1.1 billion (US$830 million), according to data released Thursday

Ottawa, (UrduPoint / Pakistan Point News - 5th Dec, 2019 ) :Canada in October recorded its largest trade surplus with the United States in a decade though its deficit slightly narrowed to Can$1.1 billion (US$830 million), according to data released Thursday.

The trade figure was down from a Can$1.2 billion deficit in the previous month.

Total exports, according to Statistics Canada, were up 0.8 percent to Can$49.9 billion due in part to increased crude oil, fuel oil and diesel exports.

Gold exports also rose mostly on higher prices, while crop shipments to China, particularly of soybeans, fell.

China is Canada's second-largest trading partner, but amid a diplomatic row over the arrest of a Chinese tech executive on a US warrant Beijing blocked Canadian agricultural shipments, resulting in a sharp 19.3 percent drop in exports to China.

Total imports increased 0.5 percent to Can$51.

0 billion on higher-priced shipments of crude oil and bitumen, as well as natural gas and refined petroleum products.

Imports of passenger cars and light trucks, along with engines and parts, were down in the month due to labor disruptions affecting North American auto assembly plants.

Canada's surplus with the United States continued rising to its highest level since the financial crisis in 2008, to Can$5.5 billion (US$4.17 billion).

October was the eighth consecutive month that Canada's surplus with its neighbor and largest trading partner was above Can$4 billion -- also a first since 2008.

Contributing to the surplus was a significant increase in exports of artwork such as paintings and sculptures destined for an art fair in New York.

Items that do not sell could be brought back, however, and subsequently included in Canada's import statistics, Statistics Canada noted.