Canada’s current account deficit narrowed $0.7 billion in the third quarter. USD/CAD retreats and waits the OPEC meeting

Canada’s current account deficit (on a seasonally adjusted basis) narrowed $0.7 billion in the third quarter to $18.3 billion, following three straight quarterly increases.

In the financial account (unadjusted for seasonal variation), strong foreign investment in Canadian corporate bonds led the inflow of funds in the quarter.

The deficit on international trade in goods narrowed $2.7 billion to $8.3 billion in the third quarter, following a record deficit of $11.1 billion in the second quarter. Exports outpaced imports as exports saw the highest growth since the first quarter of 2014.

otal exports of goods increased $5.9 billion to $130.1 billion in the third quarter. Energy products were the major contributor with exports up $2.3 billion on higher prices and volumes. In addition, exports of metal and non-metallic mineral products increased by $1.0 billion, mostly from higher prices. Consumer goods were up $0.7 billion on higher volumes, following a $1.6 billion reduction in the second quarter.

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