OTTAWA: Canada’s imports fell 6.3 per cent to C$44.7 billion in October, following a record high in September related to an exceptionally large shipment destined for the Hebron offshore oil project. Import volumes decreased 6.2 per cent and prices edged down 0.1 per cent, Statistics Canada said in a report on Tuesday.
Exports increased 0.5 per cent to C$43.6 billion, as a 1.2 per cent increase in prices was partially offset by a 0.7 per cent decline in volumes. Consequently, Canada’s merchandise trade deficit with the world narrowed from a record C$4.4 billion in September to C$1.1 billion in October, the smallest since January 2016.
Canada’s Farm Product Price Index (FPPI) decreased 10.5 per cent in September compared with the same month a year earlier due to lower cattle and hog prices. This was the largest year-over-year decline since the index started falling in December 2015, following 16 months of increases, Statistics Canada said in a report on Tuesday.
Cattle futures declined in the autumn with the expectation for increased production and slower export demand.
