Canadian trade deficit hits record $4.1B in September

Canada's merchandise trade deficit ballooned to a record $4.1 billion in September, thanks to one large shipment of equipment destined for an oil fieldoff the coast of Newfoundland.

While the country's exports edged up 0.1 per cent from August to hit $43.5billion in September, overall importsrose4.7 per centto a record $47.6billion during the month.

"The one-off transaction that boosted Canada's imports to a record $47.6 billion in September was due to the importation of a large module destined for the Hebron offshore oil project in Newfoundland and Labrador from South Korea," TD Bank economist Fotios Raptis said.

Excluding this transaction, Canada's total imports would have declined by 1.6 per cent, resulting in Canada'stradedeficit narrowing to $1.2 billion.

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As it stands, Canada's overall trade deficit in August was $2 billion.

Imports from the United States, Canada's top trading partner, fell by 1.1 per centto $29.7billion, while exports were down0.6 per cent to $32.4billion in September. That meant Canada's trade surplus with the United States widened from $2.6billion in August to $2.7billion in September.