OTTAWA (Reuters) - Canada’s trade surplus in October shrank to C$99 million ($87 million) from C$307 million in September as imports hit a new all-time high, Statistics Canada said on Friday.
Analysts had expected a surplus of C$200 million. October marked the sixth consecutive month Canada had recorded a trade surplus, a feat it last achieved in November 2008.
Imports increased 0.5 percent to a record C$44.82 billion, in part due to higher shipments of consumer goods. Prices rose by 0.7 percent while volumes edged down 0.2 percent.
Exports grew by 0.1 percent to C$44.92 billion on greater trade in industrial machinery, equipment and parts. Prices advanced by 1.6 percent while volumes fell by 1.5 percent.
Exports to the United States, which took 75.4 percent of all Canadian exports in October, grew by 0.7 percent while imports increased by 1.0 percent. As a result, the trade surplus with the United States dropped to C$3.54 billion from C$3.63 billion in September.
Statscan revised August’s data to show a surplus of C$532 million from an initial deficit of C$463 million. The change reflects updated information on trade in energy products.
Reporting by David Ljunggren; Editing by Bernadette Baum