Statistics Canada announced that the country's merchandise exports and imports decreased in February.

The Federal Agency reports that, after increasing 3.5% in January, total exports fell 2.4% to $65.0 billion in February. All product sections decreased except farm, fishing and intermediate food product exports (+2.1%), which rose for the fifth time in the last six months.

Total imports fell 1.3% to $64.6 billion in February. Imports of industrial machinery, equipment and parts decreased 8.7% and imports of motor vehicles and parts were down 5.3%.

As a result, Canada's merchandise trade surplus with the world narrowed from $1.2 billion in January to $422 million in February.

Exports to countries other than the United States decreased 7.2% in February, following a 6.3% increase in January. Lower exports to the United Kingdom (gold), India (miscellaneous products) and Iraq (aircraft and wheat) were partly offset by higher exports to Hong Kong (miscellaneous products) and China (agricultural products and coal).

Imports from countries other than the United States rose 1.3% in February. A sharp increase in imports from Ireland (pharmaceutical products) was largely offset by the decline in imports from Switzerland (pharmaceutical products and nickel), Belgium (pharmaceutical products) and Italy (other industry-specific manufacturing machinery).

Canada's merchandise trade deficit with countries other than the United States widened from $7.4 billion in January to $8.9 billion in February.

Exports to the United States fell 0.9% in February, while imports decreased 2.8%. As a result, Canada's trade surplus with the United States widened from $8.6 billion in January to $9.3 billion in February. This was the third consecutive monthly increase in the trade surplus with the United States.

 

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