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Canada posts trade surplus in October

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Published: Dec. 10, 2009 at 10:55 AM
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OTTAWA, Dec. 10 (UPI) -- Canadian exports rose and imports fell in October, leading the country to a $428 million trade surplus, Statistics Canada reported from Ottawa Thursday.

"Canada's merchandise exports rose 3.4 percent in October, led by a strong gain in exports to the United States, which accounted for three-quarters of the increase," the agency said. Exports were up $1 billion to $31.1 billion.

Imports declined for a third consecutive month by 0.8 percent to $30.7 billion in October, compared with a deficit of $850 million a month earlier, StatsCan said.

"Exports to the United States grew 3.6 percent while imports fell 3.1 percent," the report said. "As a result, Canada's trade surplus with the United States expanded to $3.4 billion in October from $2 billion in September."

Among exports that saw significant gains was precious metals, which rose 34 percent to a record high of $1.3 billion. The agency attributed the jump to worldwide surges in gold prices and the demand for gold bars.

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