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- Canada’s trade balance posts CAD1.04 billion surplus in February
Canada’s trade balance posts CAD1.04 billion surplus in February
Statistics
Canada announced on Wednesday that Canada recorded a trade surplus of CAD1.04
billion in February, compared with a revised CAD1.21-billion surplus in January
(originally a CAD1.41-billion surplus). This was the first time since late 2016
that the trade balance was in a surplus position for two consecutive months.
Economists
had forecast a surplus of CAD1.00 billion.
According
to the report, Canada’s exports fell by 2.7 percent m-o-m to CAD49.86 billion
in February, led by the declines in the metal and non-metallic mineral products
(-10.9 percent m-o-m), motor vehicles and parts (-10.2 percent m-o-m), and
aircraft and other transportation equipment and parts (-20.3 percent m-o-m).
Meanwhile, imports decreased by 2.4 percent m-o-m to CAD48.82 billion in February
(the lowest level since August 2020), primarily due to lower imports of motor
vehicles and parts (-7.8 percent m-o-m) and energy products (-21.4 percent
m-o-m).
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