The trade surplus widened to $1.9bn in September, from $1.5bn, which is better than we were expecting in light of the flash estimates suggesting that manufacturing sales declined last month and that monthly real GDP was unchanged. Exports did fall by 2.3% m/m, but imports slumped by an even bigger 3.0% m/m, with both heavily affected by the impact that semiconductor shortages are having on motor vehicle production on both sides of the border.
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