Statistics Canada announced that the country’s merchandise exports rose 4.2% in January to reach $67.0 billion. The increase was widespread in January, with all product sections increasing except energy products.
Total imports increased 3.1% to $65.1 billion in January. Increases were observed in 6 of the 11 product sections, including motor vehicles and parts, industrial machinery, electronic and electrical equipment, and consumer goods.
As a result, Canada’s merchandise trade surplus with the world widened from a revised $1.2 billion in December 2022 to $1.9 billion in January 2023.
The Federal Agency reports that exports to countries other than the United States were up 7.2% in January, reaching a record $16.7 billion. Exports to China (canola oil and coal), the United Kingdom (gold) and Germany (aircraft and crude oil) posted the largest increases. Imports from those countries rose 4.6% in January. Imports from Mexico (trucks) and Switzerland (pharmaceutical products) led the increase. Canada’s trade deficit with countries other than the United States narrowed for a fifth consecutive month, edging down from $7.2 billion in December to $7.1 billion in January.
Exports to the United States increased 3.3% in January, while imports from the same country rose 2.3%. As a result, Canada’s merchandise trade surplus with the United States widened from $8.4 billion in December to $9.0 billion in January. This is the second consecutive monthly widening of the trade surplus with the United States following six months of narrowing.