Statistics Canada released the trade data on Friday. Canada's trade deficit widened to C$2.76 billion in October from a deficit of C$2.32 billion in September. September's figure was revised down from a deficit of C$1.73 billion.

Analysts had expected a trade deficit of C$1.7 billion.

The rise in deficit was driven by a drop in exports. Exports dropped 1.8% in October.

Exports of farm, fishing and intermediate food products declined by 7.3% in October, exports of metal ores and non-metallic minerals fell by 9.4%, while exports of metal and non-metallic mineral product were down 2.2%.

Imports fell 0.8% in October.

Imports of consumer products declined by 3.3% in October, and imports of electronic and electrical equipment and parts dropped 3.1%, while imports of energy products slid 6.8%.