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March 10, 2017
Canada records third consecutive trade surplus in January
Statistics Canada announced that the country's merchandise trade balance with the world posted a third consecutive monthly surplus, widening from $447 million in December to $807 million in January.
According to the federal agency, Canada's exports were up 0.5% on the strength of higher exports of motor vehicles and canola. Imports edged down 0.3% in January, mainly due to lower imports of unwrought gold.
Total exports reached a record $46.5 billion in January, despite declines in 6 of 11 sections. Higher exports of motor vehicles and parts, as well as farm, fishing and intermediate food products were the largest contributors to the increase. These increases were partially offset by declines in exports of consumer goods, as well as metal and non-metallic mineral products. In January, exports excluding energy products rose 0.9%. Year over year, total exports increased 1.8%.
Imports edged down to $45.6 billion, with 7 of 11 sections posting declines. The drop in imports of metal and non-metallic mineral products, as well as industrial machinery, equipment and parts was partially offset by higher imports of motor vehicles and parts. Year over year, total imports were down 2.1%.
Exports to the United States rose 2.3% to $34.6 billion in January, led by higher exports of passenger cars and light trucks. Imports from the United States edged up 0.3% to $30.1 billion. As a result, Canada's trade surplus with the United States widened from $3.8 billion in December to $4.5 billion in January.
Exports to countries other than the United States fell 4.4% to $11.8 billion in January. Lower exports to Switzerland (-$298 million) and Spain (-$200 million)-both due to fewer aircraft exports-contributed to the decline. Imports from countries other than the United States decreased 1.3% to $15.5 billion in January. Imports from Japan fell $273 million on lower imports of passenger cars and light trucks. As a result, Canada's trade deficit with countries other than the United States widened from $3.4 billion in December to $3.7 billion in January.
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