Exports fell 4.9% to $35.9 billion while imports decreased 4.0% to $35.8 billion. Consequently, Canada's trade surplus went from $382 million in January to $33 million in February.
After four consecutive months of growth, exports fell as a result of volumes declining 5.2%. Although volumes declined in all sectors, those of energy products (-8.1%) and automotive products (-12.4%) were the main contributors to the decline in overall exports. Prices increased 0.3% in February.
Import volumes fell 4.3% while prices edged up 0.2%. As was the case with exports, falling volumes of automotive products (-12.4%) and energy products (-12.7%) accounted for most of the decline in the value of imports.
Imports from the United States fell 6.1%, reflecting lower imports of automotive products. Exports declined 3.5%, after four consecutive months of growth. Canada's trade surplus with the United States increased from $4.1 billion in January to $4.6 billion in February.
Exports to countries other than the United States fell 8.5%, mostly a result of lower exports of precious metals to the European Union. At the same time, imports declined 0.7%. Thus, Canada's trade deficit with countries other than the United States widened from $3.8 billion in January to $4.5 billion in February.