Statistics Canada released the trade data on Tuesday. Canada's trade surplus declined to C$99 million in October from a surplus of C$307 million in September. September's figure was revised down from a surplus of C$710 million. Analysts had expected the trade surplus of C$0.4 billion.

Exports increased 0.1% in October. Exports were driven by industrial machinery, equipment and parts. Industrial machinery and equipment shipments climbed 8.0%.

Imports rose 0.5% in October. Imports were driven by higher shipments of consumer goods. The aircraft and other transportation equipment category increased 12.4%, while energy declined 10.1%.