April 13, 2012

Four percent drop in exports narrows Canadian trade surplus

Statistics Canada reports that the country's merchandise exports declined 3.9% in February as imports edged up 0.2%. As a result, Canada's trade surplus decreased from $1.9 billion in January to $292 million in February.

Exports declined to $39.6 billion, as exports of energy products fell 6.9% to $10.7 billion and exports of automotive products declined 11.9% to $5.4 billion. Exports of agricultural and fishing products decreased 4.7% to $3.6 billion, led by lower exports of canola, which fell 25.1%.

Imports increased slightly, to $39.3 billion in February, as a gain in imports of energy products was partially offset by a decline in automotive products.

Exports to the United States decreased 3.8% to $29.3 billion. Lower exports of crude petroleum were the largest contributor to the decline. Imports from the United States edged up 0.4% to $24.5 billion. Consequently, Canada's trade surplus with the United States decreased from $6.1 billion in January to $4.8 billion in February.

Exports to countries other than the United States fell 4.0% to $10.3 billion. Imports from countries other than the United States declined 0.2% to $14.9 billion. As a result, Canada's trade deficit with countries other than the United States increased from $4.1 billion in January to $4.5 billion in February.