(CEP News)
Led by gains in all parts of the Canadian export sector, the international merchandise trade balance rose unexpectedly into positive territory in February, according to data from Statistics Canada on Thursday.
Against most expectations, Canada recorded a small surplus of C$0.1 billion. Economists had forecast the deficit to hold steady at -C$1.2 billion following a -C$1.2 billion deficit in January. The previous months' deficit was initially reported as -C$1.0 billion.
Exports rebounded to C$33.077 billion up 5.2% from January's level. The StatsCan report noted, "The gain was mainly due to volume increases and followed two consecutive monthly declines. The growth in this sector was driven by a 27.3% advance in aircraft and other transportation equipment exports."
Exports to the United States rose 5.0% to $24.274 billion, reflecting gains in automotive products which rose 19.8%.
Imports rose 1.1% from January to $32.951 billion, largely attributable to the increased importation of machinery, equipment and automotive products.
Summary statistics and a link to the data files are on the Statistics Canada website. Export and import price indexes are here.
Led by gains in all parts of the Canadian export sector, the international merchandise trade balance rose unexpectedly into positive territory in February, according to data from Statistics Canada on Thursday.
Against most expectations, Canada recorded a small surplus of C$0.1 billion. Economists had forecast the deficit to hold steady at -C$1.2 billion following a -C$1.2 billion deficit in January. The previous months' deficit was initially reported as -C$1.0 billion.
Exports rebounded to C$33.077 billion up 5.2% from January's level. The StatsCan report noted, "The gain was mainly due to volume increases and followed two consecutive monthly declines. The growth in this sector was driven by a 27.3% advance in aircraft and other transportation equipment exports."
Exports to the United States rose 5.0% to $24.274 billion, reflecting gains in automotive products which rose 19.8%.
Imports rose 1.1% from January to $32.951 billion, largely attributable to the increased importation of machinery, equipment and automotive products.
Summary statistics and a link to the data files are on the Statistics Canada website. Export and import price indexes are here.
