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Canada finds first trade surplus of 2011

Published by Steve Coleman on November 10, 2011

Canada has posted its first trade surplus since January.

Merchandise exports grew 4.2 per cent in September, while imports fell 0.3 per cent. The change was enough to move the country's trade balance from a $487 million deficit in August to a $1.2 billion surplus in September.

Statistics Canada says total exports rose $39.7 billion in September, the highest export mark since October 2008. Prices increased 3.9 per cent in September, the main reason for the higher dollar value. Volumes were up just 0.3 per cent.

Canadians were also buying less as imports decreased to $38.5 billion, volumes fell 3.1per cent and prices increased 2.8 per cent.

The US economy took an upswing, too, helping Canadian exports. At the same time Canadian goods found their highest levels since October 2008, exports to the US rose an even five percentage points to $28.2 billion. It was the highest value for Canadian goods since January 2011.

Imports from the United States decreased one per cent to $23.8 billion.

Canada's trade surplus with the United States rose from $2.8 billion in August to $4.4 billion in September.

Exports to countries besides the United States blossomed 2.3 per cent to $11.5 billion, the fifth-straight increase. Imports from the rest of the world rose 0.7 per cent to $14.7 billion.

As a result, the trade deficit with countries other than the United States fell from $3.3 billion in August to $3.1 billion in September, the lowest level so far this year.

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