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Canada's trade deficit narrows in October as exports post 2.7% monthly gain

Canada's trade deficit narrowed to C$1.5 billion in October from a revised C$3.4 billion shortfall in September, amid widespread increases in exports, the country's statistical agency reported.

Total exports rose 2.7% month over month to C$44.5 billion in October, as exports to the U.S. also climbed, according to Statistics Canada. Basic and industrial chemical, plastic and rubber products led the increase in exports, jumping 12.4% from the previous month.

Total imports fell 1.6% to C$45.9 billion, driven by motor vehicles and parts, which were down 8.1% on a monthly basis. Imports of metal ores and nonmetallic minerals also declined 20.1%.

Canada's trade surplus with the U.S. widened to C$3.5 billion in October from C$2.0 billion in September as exports to the U.S. rose 4.1%. The country's trade deficit with nations apart from the U.S. narrowed to C$5.0 billion from C$5.4 billion.