The nation’s imports in September rose 4.7 percent from August to $47.6 billion Canadian, resulting from one large shipment of equipment from South Korea for the Hebron offshore oil project in Newfoundland and Labrador.
Canada’s merchandise trade deficit soared from $2 billion Canadian (U.S. $1.48 billion) in August to a record $4.1 billion Canadian in September, Statistics Canada reported.
Canada’s imports in September surged 4.7 percent month-over-month to C$47.6 billion, driven by a 71.4 percent increase in industrial machinery, equipment and parts compared to August, which resulted from an exceptionally large transaction involving one large import of a module from South Korea destined for the Hebron offshore oil project in Newfoundland and Labrador. No further high-value import transactions are expected for this project, Statistics Canada said.
Canada’s monthly rise in imports was partially offset by lower imports of motor vehicles and parts, aircraft and other transportation equipment and parts, and metal and non-metallic mineral products.
Meanwhile, exports for the month ticked up 0.1 percent from August to C$43.5 billion as a 0.9 percent increase in prices was largely offset by a 0.8 percent drop in volumes.
Higher exports of aircraft and other transportation equipment and parts, and energy products counteracted with the lower exports of metal and non-metallic mineral products.
During the month, Canada exported C$32.4 billion to the United States, down 0.6 percent from August. In addition, Canada’s imports from the United States slipped 1.1 percent from August to C$29.7 billion.
However, Canada’s exports to non-U.S. Countries, which totaled C$11.2 billion in September, rose 2.3 percent from August, while the nation’s imports from non-U.S. countries surged 15.9 percent to C$18 billion.
Clarification: A previous version of this story did not specify the dollar amounts are in Canadian dollars.
Canada’s trade deficit soars in September
