FX.co ★ Canada Exports Rise Again in October

In October, Canadian exports experienced a modest uptick, increasing by 2.1% month-over-month to reach C$65.6 billion. This follows a robust 6.7% growth in September. Despite this overall advancement, six out of eleven product categories reported declines in exports. However, there was significant growth in metal and non-metallic mineral products, which soared by 27.3%, continuing the sharp rise observed in September and hitting a new high. This surge was largely fueled by a substantial 47.4% increase in exports of unwrought gold, silver, and platinum group metals, with gold shipments to the UK being particularly strong. Additionally, exports of motor vehicles and parts saw a 4.1% rise, with all subcategories experiencing gains. This was led by passenger cars and light trucks, which grew by 3.2%, and medium and heavy vehicles, which surged by 24.7%. However, energy exports counteracted some of this growth, declining by 8.4%. This was primarily due to a 13.5% reduction in crude oil and bitumen exports, a consequence of reduced volumes tied to US refinery shutdowns and weakened prices due to global oversupply. Exports to the United States decreased by 3.4%, while shipments to other countries climbed by 15.6%, achieving a record high.