Canada’s trade surplus rose to $1.2 billion in October, led by exports of consumer goods and commodities such as canola and wheat.
The October trade surplus was up from a downwardly revised $607 million in September, according to Statistics Canada.
Economists had been anticipating that Canada’s exports would exceed imports by $900 million in the month.
Total exports rose 1.5%, while total imports increased 0.6% during October. Exports of canola rose 73.8% and wheat exports gained 18%.
Canada’s exports to China rose 25.4% to a record-high of $3.3 billion, driven by higher exports of canola, oilseeds, and wheat products.
After four consecutive monthly declines, Canada’s trade surplus with the U.S. grew to $10 billion in October, up from $9.3 billion in September of this year.
