Canada’s merchandise trade balance swung back into deficit as surging imports of computers and electronics outweighed a spike in gold exports to non-US countries.
The trade shortfall hit C$583 million ($421 million) in October, according to Statistics Canada data released Thursday. Economists surveyed by Bloomberg expected a larger deficit of C$1.5 billion.
The share of Canada’s exports headed to the US fell to 67.3%, the lowest level on record outside the pandemic in data going back to 1997. Shipments south of the border fell another 3.4% in October, driven by falling exports of aircraft and gold.
Overall, Canadian imports were ...