Canada recorded a larger-than-expected trade deficit of CAD 1.26 billion (USD 908 million) in September, according to Statistics Canada today, Tuesday, November 5, 2024, marking the seventh consecutive month the country has reported a trade deficit.

Analysts surveyed by Reuters had expected a deficit of CAD 800 million, and Statistics Canada revised the trade deficit for August upward to CAD 1.47 billion from CAD 1.1 billion.

Shipments of mineral products

Exports fell by 0.1% affected by a decline in shipments of mineral products by 5.4%, while imports decreased by 0.4% in September, but remained relatively stable in terms of quantity, and imports of mineral products dropped by 12.7%, contributing the largest percentage to the overall decline.

Total exports reached CAD 63.88 billion, while imports recorded CAD 65.14 billion.