Canadian exports increased 2.2% in October

Canadian exports (products, excluding services) increased 2.2% in October year-on-year to C $ 46.5 billion, according to Statistics Canada.

In October, 8 out of 11 product sections increased and non-energy exports increased 1.3 percent.

In real (or volume) terms, total canadian exports increased 1.2 percent.

After a sharp 6.2% decline in September, Canadian consumer goods exports rose 10.2% to $ 6.3 billion in October.

This was driven by a rebound in exports of pharmaceutical products (+ 39.0%), which fell 28.2% in September due to lower exports to the United States of drugs used to treat depressive disorders.

However, in October, exports to the United States of drugs for the treatment of different forms of psoriasis offset the fall in September.

Canadian exports of energy products increased 7.8% to $ 6.7 billion, led by higher exports of crude oil (+ 4.6%) and natural gas (+ 26.7 percent).

Both crude oil and natural gas exports saw volume and price gains in October.

Despite this growth, exports of energy products fell 19.2% compared to February.

Canadian Exports

These increases were partially offset by a drop in exports of motor vehicles and spare parts (-4.7 percent).

Passenger car and truck exports fell 6.8% to $ 4.8 billion in October, in part due to a slowdown in production as car assembly plants adjusted to demand.

Despite the monthly decline, exports of passenger cars and trucks in October were higher than in February.

Imports of mobile phones and clothing, footwear and accessories follow an atypical trend

Total imports rose 1.9% to $ 50.2 billion, surpassing February’s level for the first time since the covid-19 pandemic began.

Of the 11 product sections, 7 increased. In real (or volume) terms, imports increased 1.7 percent.