Canada’s trade surplus with the world widened to $1.14-billion in September, below analyst forecasts of a surplus of $1.34-billion, but up from a downwardly revised $550-million surplus in August
Canada’s exports rose in September, largely driven by better wheat volumes and prices, while imports were also up, with both import and export values impacted by the depreciation of the Canadian dollar, Statistics Canada said on Thursday.
The country’s trade surplus with the world widened to $1.14-billion in September, below analyst forecasts of a surplus of $1.34-billion, but up from a downwardly revised $550-million surplus in August. Exports rose 1.3 per cent in September and were up 1.7 per cent on a volume basis, though prices fell for the fourth consecutive month, Statscan said. Wheat led the gains, rebounding sharply as this year’s strong harvest began to impact exports.Imports rose 0.4 per cent but were down 0.8 per cent in volume terms. Pharmaceuticals drove the gain, likely bolstered by newly available updated COVID-19 vaccines.
A large share of Canada’s trade is done in U.S. dollars, which means converted values are higher when the Canadian dollar depreciates against the U.S. dollar, Statscan said. The Canadian dollar was trading 0.6 per cent lower at 1.3793 to the greenback, or 72.50 U.S. cents, as the greenback rose sharply against a basket of major currencies.
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