Canada’s trade surplus down, but not with the United States

(OTTAWA) Canada’s merchandise exports fell 2.4% last February to $65 billion, while Canadian imports fell 1.3%, causing Canada’s merchandise trade surplus with world has shrunk from 1.2 billion in January to 422 million in February, according to Statistics Canada on Wednesday.

In February, exports of metal and non-metallic mineral products fell 5.4%, while exports of motor vehicles and parts fell 4.4%, mainly due to the 7.3 % of automobile and light truck exports.

As for Canada’s total imports, which had increased by 3.6% in January, they stood at $64.6 billion in February. February’s drop in imports was mainly due to an 8.7% decline in the industrial machinery, equipment and parts category.

Exports to countries other than the United States fell 7.2% in February, while imports from these countries rose 1.3%. Canada’s merchandise trade deficit with countries other than the United States therefore widened, from $7.4 billion in January to $8.9 billion in February.

Over the same period, Canadian exports to the United States fell 0.9% in February, while imports fell 2.8%. As a result, Canada’s trade surplus with the United States increased from $8.6 billion in January to $9.3 billion in February.

Canada’s trade surplus with the United States thus increased for a third consecutive month.