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Canada’s Trade Surplus Rose To $3.1 Billion In November

Canada's merchandise trade surplus rose to $3.1 billion in November, despite disruptions caused by flooding and landslides in British Columbia, according to data from Statistics Canada.

The agency said the result compared with a revised surplus of $2.3 billion for October that was initially estimated at $2.1 billion.

Nine of the first 11 months of 2021 were in the black, the most since 2008, putting full year 2021 on course for the first trade surplus since 2014.

Statistics Canada said exports from B.C. in November fell 7.8%, though that decline was offset by an 11% increase in other Canadian provinces. For November, overall exports from Canada rose 3.8% to $58.6 billion.

Exports of consumer goods climbed 9% in November to $7.3 billion as large shipments of COVID-19 medication came into Canada for packaging and labelling and were subsequently exported.

Exports of basic and industrial chemical, plastic and rubber products increased 14.7% to $3.8 billion. Meanwhile, imports rose 2.4% in November to $55.4 billion.

Regionally, Statistics Canada said the country's trade surplus with the United States increased to $9.8 billion in November, its highest level since January 2006. Canada's trade surplus with the U.S. in October was $8.8 billion.

Canada's trade deficit with countries other than the United States was $6.7 billion in November compared with $6.5 billion in October.