Canada: Trade deficit with non-US countries widens

According to Canadian international merchandise trade, February 2017 report released by the Statistics Canada, following three consecutive monthly surpluses, Canada's merchandise trade balance with the world posted a $972 million deficit in February. Exports were down 2.4%, with decreases in 8 of 11 sections. Imports edged up 0.6%, on higher imports of special transactions trade and motor vehicles and parts.

Key findings

• After reaching a record high in January, total exports fell 2.4% to $45.3 billion in February on lower volumes. Year over year, exports were up 4.4%
• Following a record high in January, exports of farm, fishing and intermediate food products fell 10.6% to $2.7 billion in February, returning to December levels
• In February, exports of consumer goods were down 4.3% to $5.7 billion
• Total imports edged up 0.6% in February to $46.3 billion, despite declines in 7 of 11 sections
• Imports of farm, fishing and intermediate food products rose 8.7% to $1.4 billion in February
• Imports from countries other than the United States increased 4.9% to $16.4 billion
• The Canadian dollar gained 0.5 cents US relative to the US dollar in February
• Exports to countries other than the United States fell 5.9% to $11.0 billion in February
• Imports from the United States decreased 1.6% to $29.9 billion in February
• Exports to the United States were down 1.2% to $34.4 billion