Energy exports shrink Canada’s trade deficit
Canada’s September trade performance was the country’s best in months thanks to energy exports, shrinking its total trade deficit to $435 million from $1.1 billion in August.
Overall exports rose 1.8% to $40 billion while imports climbed just 0.2% to $41.1 billion.
Non-energy exports rose slightly, 0.9%, as the aircraft industry fared well in September.
BMO Capital Markets chief economist Doug Porter called the September performance “good news with a twist of lemon,” as the Canadian economy becomes increasingly reliant on oil and gas as drivers of growth.
The Canadian dollar slipped o.38 of a cent to 95.27 US by Thursday afternoon after escaping two-month lows yesterday.