March 11, 2022
Statistics Canada announced that the country's merchandise imports fell 7.4% in January, with decreases observed in nearly all product sections.
The Federal Agency notes that this follows three months of strong growth for total imports.
Meanwhile, exports edged down 0.2%, mainly on lower exports of passenger cars and light trucks.
As a result, after posting its first deficit in seven months in December 2021, Canada's merchandise trade balance swung back into a surplus position in January 2022. It went from a $1.6 billion deficit in December to a $2.6 billion surplus in January 2022.
On a per country basis, exports to the United States rose 1.2% in January, while imports from that country were down 4.7%. As a result, Canada's trade surplus with the United States widened from $7.1 billion in December 2021 to $9.3 billion in January 2022, the largest trade surplus since July 2008..
Exports to countries other than the United States were down 4.6% in January and imports from those countries declined 11.8%. Canada's trade deficit with countries other than the United States narrowed from $8.6 billion in December 2021 to $6.7 billion in January 2022.