February 13, 2012
Canada's trade surplus more than doubled in December
Statistics Canada announced that the country's exports rose 4.5% in December, while imports edged up 0.8%. As a result, Canada's trade surplus rose from $1.2 billion in November to $2.7 billion in December.
Exports grew to $42.0 billion in December, with increases in all sectors, led by machinery and equipment. Exports have been trending upwards since July 2011.
Imports increased to $39.3 billion, as a result of increases in imports of industrial goods and materials, as well as automotive products.
Exports to the United States rose 5.3% to $30.2 billion on higher exports of crude petroleum, aircraft and precious metals. Imports increased 2.8% to $24.7 billion. Both exports and imports posted their highest levels since October 2008.
Canada's trade surplus with the United States grew from $4.7 billion in November to $5.5 billion in December.
Exports to countries other than the United States increased 2.5% to a record high of $11.8 billion. Imports from countries other than the United States declined 2.6% to $14.7 billion, a result of lower imports from the European Union.
Consequently, the trade deficit with countries other than the United States narrowed from $3.5 billion in November to $2.9 billion in December, the smallest deficit since December 2010.