FX.co ★ Canada Imports Rebound in October

In October, Canada's imports increased by 3.4% compared to the previous month, reaching C$66.2 billion, recovering from a 4.3% decline in September. Significant growth was noted in eight out of the eleven product categories. Notably, imports of electronic and electrical equipment and parts surged by 10.2%, with all subgroups showing upward movement. After a steep 27.9% drop in September, the imports of metal and non-metallic mineral products bounced back by 9.5%, mainly due to a substantial 55.3% increase in the import of unwrought gold, silver, platinum group metals, and their alloys. Additionally, imports of industrial machinery, equipment, and parts rose by 5.7%, bolstered by increased purchases in general-purpose machinery (up 5.6%), logging, construction, mining, and oil and gas field equipment (up 14.7%), as well as parts for industrial machinery (up 7.1%). However, the overall increase was somewhat offset by a 7.5% decline in imports of basic and industrial chemicals, plastics, and rubber products, marking their lowest level since July 2023.