Canada: October trade balance likely to improve to -C$2.2bn – RBC CM

Research Team at RBC Capital Markets, expects the Canada’s October trade balance to improve to -C$2.2bn from a -C$4.1bn balance in September that was largely due to the import of a close to C$3bn offshore oil rig module.

Key Quotes

“With no such transaction in October, imports should be down ~2.7%m/m. Real non-energy goods exports have been in negative territory on a YoY basis for four consecutive months, underlining that the 1.5pp add in Q3 from net trade (goods and services) was largely due to returning oil production after wildfire-related shutdowns in Q2.”