OTTAWA (Reuters) – Canada’s trade deficit narrowed in September to C$978 million ($745 million), compared with a revised August deficit of C$1.24 billion, as exports and imports declined, data showed on Tuesday.

The August deficit had previously been reported as C$955 million, Statistics Canada said. A median forecast in a Reuters poll of market analysts had pointed to a shortfall of C$700 million for September.

Canadian exports declined 1.3% in September, with seven of the 11 categories falling.

Exports of metal and non-metallic mineral products posted the largest drop in September, falling 7.3%, mostly on lower gold shipments. Crude oil exports fell 2.1% because of lower volumes, after rising on higher prices in August.

Meanwhile, imports were down 1.7%. Statistics Canada said imports of transportation equipment and parts sank 27.7%, largely because of slower trade from Belgium.

Imports of metal and non-metallic minerals were also down, slumping 20.5% on the month because of lower shipments of gold and copper ores.

Last week, Canada’s central bank – which has sat on the sidelines since October 2018 – warned the Canadian economy was not immune to global trade conflicts, including tensions between the United States and China.

Source: Read Full Article