Canada’s Trade Surplus Grows in February

(Reuters – David Ljunggren)

Canada posted a larger-than-expected trade surplus of C$1.4 billion ($1.4 billion) in February on increased exports of industrial goods and materials, Statistics Canada data indicated on Tuesday. Analysts had predicted Canada would run a surplus of C$0.60 billion in February.

Exports grew by 2.8% to C$34.02 billion on the back of a 7.2% leap in the value of industrial goods and materials. Prices and volumes both rose by 1.4%, the fifth such advance in the last six months.

Imports increased by 0.9% to C$32.62 billion, thanks largely to shipments of machinery and equipment (up 3.3%) and automotive products (up 3.5%). Imports of energy products dropped 14.2%.

Exports to the United States, which in February took 74% of all Canadian exports, increased by 2.0% while imports grew by 1.2%. Canada's trade surplus with the United States grew to C$4.40 billion from C$4.16 billion in January.

Read more here. Summary statistics and links to the data files are on the Statistics Canada website. Export and import price indexes can be found here.