Export and import shipments grow in October

OTTAWA, Ont. — Exports continued to show strength in October, rising 1.0% to a record high value of $40.2 billion, Statistics Canada reports. This marked the eighth consecutive rise in shipments abroad.

Imports also grew, increasing 1.2% to $33.0 billion, led by gains in machinery and equipment and auto parts, indicating business investment and expansion activities on the part of Canadian companies.

Trade with the United States saw the largest increases, with exports surging 2.3% and imports growing by 1.5%. Exports to our southern neighbour have been on the rise since early 2005, primarily as a result of increasing energy prices.

In October, the main contributor to the rising shipments to the United States was the increase in natural gas exports, as natural gas prices continued to climb. Shipments of lumber and sawmill products, passenger vehicles, and live cattle also registered gains.

Exports to Canada’s other trading partners fell 4.5% while imports edged up 0.7%. Imports from China had reached $24.2 billion as of October, surpassing their total value for 2004 as a whole.