Canadian international merchandise trade, October 2023

Released: 2023-12-06

In October, Canada's merchandise imports fell 2.8%, while exports edged up 0.1%. As a result, Canada's merchandise trade surplus with the world widened from $1.1 billion in September to $3.0 billion in October.

Consult the "International trade monthly interactive dashboard" to explore the most recent results of Canada's international trade in an interactive format.

Chart 1 
Merchandise exports and imports

First decline in seven months for imports of motor vehicles and parts

Total imports fell 2.8% in October, with decreases in 8 of the 11 product sections. In real (or volume) terms, imports were down 3.2%.

Chart 2 
Contribution to the monthly change in imports, by product, October 2023

Imports of metal and non-metallic mineral products declined 14.7% in October. Imports of unwrought gold, silver, and platinum group metals (-41.2%) contributed the most to the decline. This category, which is mostly composed of unwrought gold, reached a record high in June 2023, then posted large declines in three of the following four months. The value of these imports has fallen by two-thirds since June, and the decline in October was driven by a decrease in gold asset transfers in the banking sector.

Chart 3 
Imports of unwrought gold, silver, and platinum group metals, and their alloys

Imports of motor vehicles and parts fell 5.8% in October, a first monthly decline since March 2023. All product subcategories were down, with passenger cars and light trucks (-5.2%) posting the largest decrease. In the context of unstable supply due to strikes by US auto workers in October, a large share of the monthly decline was attributable to lower imports from the United States. Imports from Mexico, which contributed significantly to the September increase, were also down in October. Despite the monthly decline in October, imports of motor vehicles and parts were up by 20.9% since the start of the year compared with the same period in 2022.

Chart 4 
Imports of motor vehicles and parts

Merchandise exports up slightly

Total exports (+0.1%) edged up in October, registering a fourth consecutive monthly increase. The increase came despite declines in 6 of the 11 product sections. Excluding energy products, exports rose 0.5%. In real (or volume) terms, total exports edged down 0.1%.

Chart 5 
Contribution to the monthly change in exports, by product, October 2023

Exports of aircraft and other transportation equipment and parts rose 15.0% to $2.9 billion in October, its highest value since January 2021. The largest contributor to the October 2023 gain was exports of other transportation equipment to Saudi Arabia.

The combined effect of lower exports of energy products (-1.2%) and basic and industrial chemical, plastic and rubber products (-3.5%) largely offset the overall export increase in October. The decline in exports of energy products (-1.2%) in October was driven by crude oil exports, which had risen considerably in the third quarter. Exports of chemical products (-3.5%) were also down, in part because of lower exports of lubricants and other petroleum refinery products (-12.8%), which fell in part because of lower prices.

Exports to countries other than the United States increase

Exports to countries other than the United States rose 3.9% in October, driven by exports to Saudi Arabia (other transportation equipment), the Netherlands (iron ore), Switzerland (unwrought gold) and Italy (aircraft). Imports from countries other than the United States declined 0.9%. Imports from Japan (various products), China (various products) and Mexico (passenger cars) saw the largest declines. Canada's trade deficit with countries other than the United States narrowed from $9.9 billion in September to $9.1 billion in October.

Following three consecutive monthly increases, exports to the United States were down 1.0% in October. Imports from the United States also fell, declining 3.9%. As a result, Canada's trade surplus with the United States widened for a fourth consecutive month, going from $11.0 billion in September to $12.1 billion in October.

Revisions to September merchandise export and import data

Imports in September, originally reported at $65.0 billion in the previous release, were revised to $64.8 billion in the current reference month's release. Exports in September, originally reported at $67.0 billion in the previous release, were revised to $65.9 billion in the current reference month's release, mainly because of changes that were applied to seasonal adjustment models with the integration of the new North American Product Classification System (NAPCS) 2022 classification.

Chart 6 
International merchandise trade balance

Monthly trade in services

In October, monthly service exports were up 0.3% to $16.4 billion. Meanwhile, imports were down 0.5% to $17.7 billion.

When international trade in goods and services are combined, exports increased 0.1% to $82.4 billion in October, while imports fell 2.3% to $80.7 billion. As a result, Canada's trade balance with the world went from a deficit of $288 million in September to a surplus of $1.7 billion in October.

Change in product classification and base year

With this release, Statistics Canada is publishing international merchandise trade data by product according to the North American Product Classification System (NAPCS) 2022 version 1.0. Previously, NAPCS 2017 version 1.0 was used to classify merchandise trade by product.

In addition, price and volume measures previously calculated using 2012 as the base year have been recalculated using a new selection of representative goods, with 2017 as the base year. New source data for prices and changes to basket weights have also been introduced.

Monthly NAPCS 2022 values are now available from 1988 to present. While the number of published categories remains the same, the composition of these categories has changed, resulting in differences within published results.

Base year 2017 prices and volumes classified according to NAPCS 2022 are available from 2017 to present. Compared with previously published data, prices and volumes are different for all levels of detail, including total exports and total imports.

For more information, please see NAPCS 2022 and Variant of NAPCS Canada 2022 Version 1.0 – Merchandise import and export accounts.

Products

The product "International trade monthly interactive dashboard" (Catalogue number71-607-X) is now available. This new interactive dashboard is a comprehensive analytical tool that presents monthly changes in Canada's international merchandise trade data on a balance-of-payments basis, fully supporting the information presented every month in the Daily release.

The product "The International Trade Explorer" (Catalogue number71-607-X) is now available online.

The online Canadian International Merchandise Trade Database is no longer available. It has been replaced by the Canadian International Merchandise Trade Web Application (Catalogue number71-607-X), a modern tool that provides trade data users with a number of enhancements.

The updated "Canada and the World Statistics Hub" (Catalogue number13-609-X) is now available online. This product illustrates the nature and extent of Canada's economic and financial relationship with the world using interactive charts and tables. It provides easy access to information on trade, investment, employment and travel between Canada and a number of countries, including the United States, the United Kingdom, Mexico, China, Japan, Belgium, Italy, the Netherlands and Spain.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).