Canada Posts Record Trade Deficit In September

OTTAWA,, (UrduPoint / Pakistan Point News - 04th Nov, 2016 ) - Canada's trade deficit rose to a record Can$4.1 billion (US$3.05 billion) in September, mainly due to the import of an expensive module for a North Atlantic oil project, the government said Friday.

Imports jumped 4.7 percent to a record Can$47.6 billion, with exports remaining stable at Can$43.5 billion, according to Statistics Canada. The rise in the deficit was driven by the one-off import from South Korea of a module for the Hebron oil production project offshore Newfoundland and Labrador, the agency said.

Excluding that transaction, total imports would have decreased 1.6 percent, it said. Trade with the United States, Canada's largest trading partner, came to a surplus of Can$2.

7 billion, up from Can$2.6 billion in August.

Imports of aircraft fell by half in September to Can$142 million, their lowest level since August 2014, and purchases of cars and light trucks fell 5.5 percent to Can$4.1 billion. After a sharp rise in August, imports of metal and non-metallic mineral products fell 5.2 percent to Can$3.6 billion in September, and unwrought precious metals and precious metal alloys were down 25.6 percent to Can$695 million.

Among exports, sales of energy products increased 1.8 percent to Can$6.3 billion, the seventh consecutive increase since March, mainly thanks to crude oil sales.