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March 7, 2018
Statistics Canada says trade deficit narrowed to $1.9 billion in January
Statistics Canada announced that the country's merchandise trade deficit with the world totalled $1.9 billion in January, narrowing from a $3.1 billion deficit in December.
The federal agency reports that total imports decreased 4.3%, to $47.7 billion after a record high registered in December. Imports of industrial machinery, equipment and parts fell 11.3% to $4.5 billion and imports of consumer goods declined 4.6% to $10.0 billion. Imports of electronic and electrical equipment and parts declined 6.3% to $5.4 billion.
Total exports fell 2.1% in January to $45.8 billion. Exports of motor vehicles and parts were down 5.7% to $7.2 billion and exports of forestry products and building and packaging materials declined 6.6% to $3.4 billion. Partially offsetting these declines were exports of energy products (+2.9%), up for the sixth consecutive month.
On a per country basis, exports to the United States fell 2.9% to $34.1 billion, mainly due to lower exports of passenger cars and light trucks, as well as aircraft. Imports from the United States were down 1.8% to $30.9 billion. As a result, Canada's trade surplus with the United States narrowed from $3.6 billion in December to $3.1 billion in January.
Imports from countries other than the United States were down 8.5% to $16.8 billion in January, mostly attributable to lower imports from China (cell phones) and the Netherlands (refined petroleum products). Exports to countries other than the United States edged up 0.4% to $11.8 billion in January. As a result, Canada's merchandise trade deficit with countries other than the United States narrowed from $6.6 billion in December to $5.0 billion in January.
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