Question
In September, exports rose in 6 of the 11 product sectors, and in 3 of the 4 service categories. Following two consecutive monthly decreases, goods
In September, exports rose in 6 of the 11 product sectors, and in 3 of the 4 service categories. Following two consecutive monthly decreases, goods exports rose 1.3% in September. Exports of farm, fishing and intermediate food products contributed the most to the overall increase. Wheat production is expected to increase by more than 50% in the 2022/23 crop year and this higher production began to show up in September's wheat exports. In addition, exports of canola nearly doubled in September. Exports of energy products increased 1.9%, following declines in July and August. Exports of crude oil were the main contributor to the growth, mainly due to higher volumes, as prices decreased for a fourth consecutive month. Lower exports of mining, forestry products, and building and packaging materials partially offset the overall increase. Service exports increased 2.3% in September on the strength of travel services, which rose 6.0% on stronger expenditures by both U.S. and overseas visitors. Exports of commercial services were up 1.2% and transportation services rose 3.3% due to increased air transport of goods and passengers. In September, imports rose in 6 of the 11 product sectors, and in 2 of the 4 service categories. Imports of consumer goods increased 3.7%, on higher imports of pharmaceutical products (vaccines). Imports of industrial machinery, equipment and parts rose 4.1%, reaching a record high of $7.7 billion. Higher imports of logging, construction, mining, and oil and gas field machinery and equipment grew 17.4%. Imports of services edged up only 0.5%, with commercial services (0.9%) and transportation (0.8%) leading the growth. Imports of travel services (i.e. Canadians travelling abroad) were down 0.9%the first decline after seven consecutive monthly increases. In September, imports of travel services remained 30.7% below February 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started