Merchandise exports were up 3.6% in February, according to Statistics Canada data released April 3.
Imports also increased, but at a lower rate – 2.1% – leading to Canada’s trade balance with the world moving from a deficit of $337 million in January to a surplus of $290 million.
Exports grew to $42.3 billion, driven in large part by motor vehicles and parts and energy products. This was due to both increasing volumes (up 2.2%) and prices (1.4%).
Imports were $42.1 billion, also due to increases in both prices (1.4%) and volumes (0.6%). Energy products, industrial machinery, motor vehicles and parts and equipment and parts showed gains, but were partially offset by metal and non-metallic mineral products.
Canada’s trade surplus with the United States grew by more than 10%, from $3.9 billion in January to $4.3 billion a month later.
Exports to the European Union grew 6.8%, and to Japan by 12%. These gains were offset by losses in all other geographical areas (excluding the U.S.).
