Statistics Canada reported a significant growth in Canada’s merchandise exports and imports in February. Exports increased 5.8%, while imports rose 4.6%.
As a result, Canada’s merchandise trade surplus with the world widened from $608 million in January to $1.4 billion in February.
The Federal agency notes that the total exports growth in February was the largest percentage increase since August 2023. Overall, increases were observed in 9 of the 11 product sections. Imports reached their highest level since June 2023 after decreasing 3.1% in January. All product sections rose, except metal and non-metallic mineral products, which fell slightly by 0.6%.
Exports to countries other than the United States jumped 14.2% in February, driven mostly by a strong increase in unwrought gold exports to Switzerland and the United Kingdom. Meanwhile, imports from countries other than the United States rose 6.7%. The largest increases in imports were observed for China (various products), the United Kingdom (aircraft), Indonesia (scrap of non-ferrous metals) and South Korea (passenger cars and light trucks). As a result, Canada’s trade deficit with countries other than the United States narrowed from $8.2 billion in January to $7.7 billion in February.
Exports to the United States were up 3.3% in February, while imports from the United States increased 3.4%. As a result, Canada’s trade surplus with the United States widened slightly from $8.8 billion in January to $9.1 billion in February.