The trade surplus was C$126 million ($102 million), compared with a revised deficit of C$1.15 billion in January, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg forecast a deficit of C$1.2 billion in February from an initially reported gap of C$993 million in January.
The February rebound in exports ends a three-month decline that had seen shipments abroad plunge by one fourth since October. Canada’s economy shrank at a 3.4 percent annual pace in the fourth quarter, the fastest since 1991, and the contraction probably accelerated last quarter, Carney said last week.
Automotive exports rose 20 percent to C$3.5 billion, while shipments of aircraft and other transport equipment jumped 27 percent, Statistics Canada said. Overall exports rose 5.2 percent to C$33.1 billion.
Canada’s trade surplus with the U.S. widened to C$3.43 billion in February, from C$3.03 billion in January.
The Bank of Canada estimated in January that falling exports will cut 2.6 percent from growth this year, while the trade sector’s impact on output will be tempered by falling imports. February imports rose along with exports, gaining 1.1 percent to C$33 billion, the statistics agency said.