Canada Trade Deficit at 4-Month High



Canada's trade deficit widened to its largest in four months CAD 1.9 billion in February of 2016 from a downwardly revised CAD 0.63 billion gap in January and above market expectations of CAD 0.9 billion. Exports fell 5.4 percent and imports declined at a slower 2.6 percent.

Total exports fell 5.4 percent to $43.7 billion in February, after reaching a record high in the previous month. Exports of consumer goods declined 14.3 percent, dragged down by fall in precious metals purchases. Exports of energy products went down 14.4 percent, the eighth consecutive monthly decline, as crude oil and crude bitumen decreased 15.6 percent and refined petroleum energy products shrank 15.1 percent. Following three consecutive monthly increases, exports of motor vehicles and parts decreased 4.4 percent, driven by lower exports of passenger cars and light trucks (-4.0 percent) and motor vehicle engines and motor vehicle parts (-7.6 percent). Partially offsetting these declines, exports of aircraft and other transportation equipment and parts rose 25.2 percent.

Total imports were down 2.6 percent to $45.6 billion. Imports of energy products fell 29.7 percent, the lowest since September 2003, as crude oil and crude bitumen fell 45.7 percent. Following four consecutive monthly increases, imports of motor vehicles and parts were down 2.7 percent, dragged down by motor vehicle engines and motor vehicle parts (-4.0 percent). Imports of metal and non-metallic mineral products decreased 4.8 percent and basic and industrial chemical, plastic and rubber products were down 3.4 percent.

Year over year, imports rose 2.3 percent and exports were up 2.1 percent.

Canada Trade Deficit at 4-Month High


Statistics Canada | Yekaterina Guchshina | yekaterina@tradingeconomics.com
4/5/2016 1:57:54 PM