Statistics Canada announced that the country’s merchandise imports were up 3.9% in February, following a 7.5% decline in January. Meanwhile, exports rose 2.8%, largely due to higher exports of energy products. As a result, Canada’s merchandise trade surplus with the world narrowed from $3.1 billion in January to $2.7 billion in February.
The Federal Agency said total imports reached $56.1 billion in February offsetting almost half of the sharp decline (-7.5%) observed in January. Gains were observed in 9 of 11 product sections, with 8 of them posting increases of more than $100 million.
Total exports climbed to a record $58.7 billion. Overall, there were increases in 8 of 11 product sections, with each gain topping $100 million.
On a per country basis, imports from countries other than the United States rose 10.8% in February. China (+26.9%) had the strongest growth by far. Exports to countries other than the United States were up 8.1%. Canada’s trade deficit with countries other than the United States widened from $6.6 billion in January to $7.7 billion in February.
Exports to the United States rose 1.3% in February, while imports from the United States edged down 0.1%. As a result, Canada’s trade surplus with the United States widened from $9.7 billion in January to $10.3 billion in February, the largest trade surplus with the United States since December 2005.