Statistics Canada says the country\u0027s merchandise trade surplus grew to $1.2 billion in October as exports climbed faster than imports.
The result compared with a revised surplus of $607 million in September compared with its earlier reading of a surplus of $1.1 billion.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Meanwhile, total imports rose 0.6 per cent to $65.8 billion in October as imports of motor vehicles and parts gained 4.6 per cent to $10.3 billion. In volume terms, total exports rose 0.1 per cent in October, while imports in volume terms fell 0.9 per cent. “A second consecutive decline in import volumes means that net trade will likely be a big positive contributor to growth again in Q4, although it is likely a poor sign for domestic demand and further evidence that higher interest rates are starting to bite the economy,” Grantham wrote in a report.
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