According to a report released Thursday by Statistics Canada, Canada's merchandise exports grew 3.6 percent and imports were up 2.1 percent in February. As a result, Canada's trade balance with the world went from a deficit of $337 million in January to a surplus of $290 million in February.
Exports increased to $42.3 billion on the strength of motor vehicles and parts as well as energy products. Overall, volumes were up 2.2 percent and prices, 1.4 percent.
Imports grew to $42.1 billion, as prices increased 1.4 percent and volumes were up 0.6 percent. Higher imports of energy products, motor vehicles and parts, as well as industrial machinery, equipment and parts were partially offset by lower imports of metal and non-metallic mineral products.
Exports to the United States rose 4.4 percent to $32.4 billion on higher exports of motor vehicles and parts, and energy products. Imports from the United States increased 3.3 percent to $28.1 billion on the strength of motor vehicles and parts. Consequently, Canada's trade surplus with the United States increased from $3.9 billion in January to $4.3 billion in February.
Exports to countries other than the United States were up 1.1 percent to $9.9 billion. Increases in exports to the European Union (+6.8 percent) and Japan (+12.0 percent) were partially offset by declines to the principal trading area "all other countries" (-3.8 percent). Imports from countries other than the United States edged down 0.2 percent to $14.0 billion. As a result, Canada's trade deficit with countries other than the United States narrowed from $4.2 billion in January to $4.0 billion in February.
