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Canada unexpectedly swung to a trade surplus in the month of October from a trade deficit in the previous month, according to a report released by Statistics Canada on Thursday, with the turnaround coming amid an increase in exports and a decrease in imports.
The report showed that Canada posted a trade surplus of C$428 million in October compared with a trade deficit of C$850 million in September. The surplus surprised economists, who had expected the deficit to narrow to about C$600 million.
Statistics Canada noted that the turnaround came as the value of exports increased by 3.4 percent to C$31.1 billion in October, while the value of imports fell 0.8 percent to C$30.7 billion.
While increased exports of industrial goods and materials contributed to the second consecutive monthly increase in the value of exports, the third consecutive monthly decrease in the value of imports was mostly due to decreases in imports of machinery and equipment.
The report also showed that exports to the United States increased by 3.6 percent, while imports from the U.S. fell by 3.1 percent. As a result, the trade surplus with the U.S. widened to C$3.4 billion in October from C$2.0 billion in September.
Statistics Canada said the trade deficit with countries other than the U.S. was C$3.0 billion in October compared with C$2.9 billion in September, as exports grew 2.9 percent and imports rose 3.2 percent.
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