Canada's trade deficit with the rest of the world shrunk significantly in October, as exports rebounded after four straight months of declines. Meanwhile, imports fell to their lowest level in nearly a year.
Canada's merchandise trade deficit in October narrowed from the previous month to a seasonally adjusted 1.47 billion Canadian dollars ($1.16 billion), Statistics Canada said Tuesday. The previous month's trade deficit was revised to C$3.36 billion from the earlier estimate of C$3.18 billion. Market expectations were for a trade deficit of C$2.70 billion, according to economists at Royal Bank of Canada.
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Exports climbed 2.7% in October to C$44.46 billion on broad-based gains, whereas imports fell 1.6% mostly due to weaker demand for passenger cars and light trucks. In volume, or price-adjusted, terms, exports rose 1.2% while imports decreased 3.9%, or the sharpest decline in a year.
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(END) Dow Jones Newswires
December 05, 2017 08:45 ET (13:45 GMT)