Canada's imports fell 6.3% to $44.7 billion in October, following a record high in September related to an exceptionally large shipment destined for the Hebron offshore oil project. Import volumes decreased 6.2% and prices edged down 0.1%.

Exports increased 0.5% to $43.6 billion, as a 1.2% increase in prices was partially offset by a 0.7% decline in volumes.

Consequently, Canada's merchandise trade deficit with the world narrowed from a record $4.4 billion in September to $1.1 billion in October, the smallest since January 2016.