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Global markets: Canadian imports reach record levels

By Commodity News Service Canada

WINNIPEG, November 4 – The following is a glance at the news moving markets globally.

– Canada’s imports rose 4.7 per cent to a record C$47.6 billion in September, as an exceptionally large transaction accounted for the increase. Import prices increased 2.4 per cent and volumes were up 2.3 per cent. Exports edged up 0.1 per cent to C$43.5 billion, as a 0.9 per cent increase in prices was mostly offset by a 0.8 per cent decrease in volumes. Consequently, Canada’s merchandise trade deficit with the world widened from C$2.0 billion in August to a record C$4.1 billion in September, Statistics Canada said in a report on Friday.

While imports were record-high, they were boosted by the one-time import of machinery for an oil project, which is not indicative of import trends, but it still pushed the country’s deficit up past analyst expectations.

– Canadian employment rose by 44,000, or 0.2 per cent, in October as a result of more part-time work. The unemployment rate remained at seven per cent as more people participated in the labour market, Statistics Canada said in a report on Friday.

While the increase in jobs were past analyst expectations, but since they were largely part time there are still ideas the Canadian economy is soft.

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