EDC Export Performance Monitor, December 2017

After a four-month slump, exports finally rebounded in October, up 2.7%. Imports were down 1.6%. As a result, Canada’s merchandise trade deficit with the world was $1.5 billion in October, narrowing from $3.4 billion in September.

Export volumes increased by 1.2% on the month. Year-over-year nominal exports are now up 0.8%. Gains were broad-based, with improvements in 9 of 11 sectors, led by industrial products and materials, and agriculture and fishing products. Automotive products finally rebounded after a four-month slide, up 1.2%, but remain over 20% below its peak in May.

Exports to the United States were up over 4% on the month. Exports of petroleum products (gasoline and diesel) were up smartly, related to higher U.S. demand. Provincially, the year-to-date dynamics continue to show the story of rebounding energy exports with Alberta and Newfoundland and Labrador leading the way.

The full report is available on the EDC website.