Statistics Canada announced on Friday that Canada’s merchandise trade deficit stood at CAD3.76 billion in October, narrowing from a revised CAD3.82-billion gap in September (originally a CAD3.25-billion shortfall).

Economists had forecast a deficit of CAD3.00 billion.

According to the report, Canada’s exports rose 2.2 percent m-o-m to CAD46.47 billion in October, partially due to higher exports of pharmaceutical products (+39.0 percent m-o-m).

Meanwhile, imports increased by 1.9 percent m-o-m to CAD50.23 billion in October, with higher imports of electronic and electrical equipment and parts (+9.5 percent m-o-m) contributing the most to the overall gain.