CANADA TRADE DEFICIT NARROWS AGAIN IN JANUARY


Canada's merchandise exports rose 2.1% in January and imports increased 1.9%. As a result, Canada's trade deficit with the world narrowed from $332 million in December to $237 million in January.

Exports rose to $39.1 billion, as prices increased 1.3% and volumes were up 0.9%. The main contributors to the monthly gain in exports were crude oil and crude bitumen as well as unwrought precious metals and precious metal alloys. A decline in exports of passenger cars and light trucks partially offset the overall increase.

Imports increased to $39.3 billion, almost entirely the result of higher volumes (+1.8%). Imports of energy products contributed the most to the overall increase, followed by metal ores and non-metallic minerals.
 
Exports to the United States rose 2.6% to $29.0 billion in January, on the strength of crude oil and crude bitumen. Imports increased 2.1% to $24.7 billion. Consequently, Canada's trade surplus with the United States grew from $4.0 billion in December to $4.3 billion in January.
 
Exports to countries other than the United States increased 0.9% to $10.1 billion, as a result of a 14.0% gain in exports to the European Union. Imports from countries other than the United States rose 1.5% to $14.6 billion. As a result, Canada's trade deficit with countries other than the United States went from $4.4 billion in December to $4.5 billion in January.
 

Statistics Canada | Duarte Ricardo | duarte.ricardo@tradingeconomics.com
3/7/2013 1:49:31 PM