Canada’s merchandise trade deficit narrowed more than expected to $1.5 billion in October as exports improved for the first time since May.
Statistics Canada said Tuesday that exports increased 2.7 per cent as imports fell 1.6 per cent for the month, shrinking the country’s trade deficit compared with the $3.4-billion shortfall in September.
Economists had expected a deficit of $2.7 billion for October, according to Thomson Reuters.
TD Bank economist Dina Ignjatovic noted that the recovery in export volumes in October fully erased declines in August and September and provides a stronger handoff for the fourth quarter. Click here to read more.