The Federal Reserve noted that the depreciation of the Canadian dollar had an impact on both imports and exports in September. (Photo: 123RF)
Ottawa – Canadian exports of merchandise rose 1.3% in September while imports rose 0.4%.
Statistics Canada calculated that Canada’s merchandise trade surplus with the world expanded from $550 million in August to $1.1 billion in September.
The Federal Reserve noted that the depreciation of the Canadian dollar had an impact on both imports and exports in September. The average value of the Canadian dollar fell 2.3 US cents in September from the average value recorded in August to 75.1 US cents. When expressed in US dollars, Canadian exports fell 1.7% in September and imports fell 2.5%.
With a 16.7% increase, exports of agricultural, fishing and intermediate food products contributed the most to the overall increase in exports in September. Wheat exports, which had increased in July before declining in August, jumped 65.2% in September.
Exports of energy products rose 1.9% after sharp declines in July and August.
On the other hand, imports of consumer goods increased by 3.7% in September, due to a 22.7% increase in imports of pharmaceuticals that coincided with the recent availability of updated versions of the vaccine against the emerging coronavirus (Covid-19).
Statistics Canada also noted that imports of machinery, equipment and industrial parts increased significantly for the second month in a row, this time by 4.1%, reaching an all-time high of $7.7 billion in September.
Exports to the United States, Canada’s main trading partner, fell 0.4% in September, while imports from that country rose 0.4%. As a result, Canada’s trade surplus with the United States increased from $10.2 billion in August to $9.8 billion in September.
After a 3.9% decline in August 2022, exports to countries other than the United States increased 7% in September.
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