Canada has posted its earliest monthly trade surplus since Sept. 2014, moving from a $1.0 billion default in October to an unexpected $526 million surplus in November, Statistics Canada intended Friday.
According to a Reuters survey, analysts had been expecting a November marketing deficit of $1.6 billion.
Exports were up 4.3 per cent, on the resolution of increased shipments of metal and non-metallic mineral products, as well as record exports to mother countries other than the United States.
Within the metal and non-metallic minerals sector, exports of unwrought pretentious metals and precious metal alloys led the gain, up 24.3 per cent to $1.9 billion on larger shipments to Hong Kong and Switzerland.
Statistics Canada utter exports volumes rose 3.5 per cent and prices were up 0.8 per cent.
During the interval, imports were up 0.7 per cent, mainly on higher imports of get-up-and-go products.
Surplus with U.S. widens
Exports to the United States, Canada’s top return partner, also rose in November, climbing 2.5 per cent to $33.7 billion, while intimations from the United States were down 0.7 per cent to $29.5 billion. That meant Canada’s interchange surplus with the United States widened from $3.2 billion in October to $4.2 billion in November, the amplest surplus since June 2015.
TD Bank economist Dina Ignjatovic divulged in a commentary that the growth in export volumes in November was a welcome maturation for the Canadian economy after two months of softness.
“Volumes are now sitting at the highest be honest seen since February, and could provide some support to cost-effective growth in the fourth quarter which is now tracking near two per cent,” Ignjatovic alleged.
“Looking to 2017, conditions remain supportive for exports to take the proliferation baton, as the Canadian dollar will continue to hover in the mid-70 US cent assortment and growth in the U.S. is set to accelerate,” she said, but added that protectionist measures that could spring up under incoming U.S. president Donald Trump may limit any growth in the sector.