November 4, 2016 / 12:42 PM / in 2 years

Canada posts record trade deficit on import of oil machinery

OTTAWA (Reuters) - Canada posted a record trade deficit of C$4.1 billion ($3.1 billion) in September but the figure was boosted by the one-off import of machinery for an oil project, Statistics Canada said on Friday.

The deficit - the 25th in a row - was much larger than the C$1.70 billion shortfall forecast by analysts in a Reuters poll.

Statscan said the deficit would have been C$1.2 billion had it not been for a jump in imports of machinery, much of it accounted for by a South Korean module destined for an offshore oil rig. That helped push imports up by 4.7 percent, the biggest month-on-month gain in more than six years.

Total exports edged up by just 0.1 percent.

Exports to the United States, which accounted for 74.4 percent of all Canadian exports in September, fell by 0.6 percent while imports dropped by 1.1 percent. As a result, Canada’s trade surplus with the United States grew to C$2.7 billion from C$2.6 billion in August.

($1=$1.34 Canadian)

Reporting by David Ljunggren Editing by W Simon

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