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- Following three consecutive monthly surpluses, Canada's merchandise trade balance posted a $972 million deficit in February
Following three consecutive monthly surpluses, Canada's merchandise trade balance posted a $972 million deficit in February
Exports were down 2.4%, with decreases in 8 of 11 sections. Imports edged up 0.6%, on higher imports of special transactions trade and motor vehicles and parts.
After reaching a record high in January, total exports fell 2.4% to $45.3 billion in February on lower volumes. Year over year, exports were up 4.4%. There were lower exports of farm, fishing and intermediate food products, aircraft and other transportation equipment and parts, as well as consumer goods. In February, exports excluding energy products were also down 2.4%.
Following a record high in January, exports of farm, fishing and intermediate food products fell 10.6% to $2.7 billion in February, returning to December levels. Canola contributed the most to the decline in February, down 33.7% to $552 million. This followed three consecutive monthly increases during which exports of canola more than doubled, reflecting higher Chinese demand for Canadian canola. Overall, volumes were down 10.2% and prices declined 0.5%.
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