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April 5, 2018
Canada's trade deficit widens to $2.7 billion in February
Statistics Canada announced that the country's merchandise trade deficit totalled $2.7 billion in February, widening from a $1.9 billion deficit in January.
The federal agency reports that total exports edged up 0.4% to $45.9 billion, as exports of motor vehicles and parts, up 5.0% to $7.5 billion, led the increase. Exports of aircraft and other transportation equipment and parts also contributed to the overall increase, up 19.6% to $1.7 billion. Partially offsetting the overall increase were lower exports of farm, fishing and intermediate food products, down 17.2% to $2.4 billion, the largest decline on record. Exports of metal and non-metallic mineral products also fell sharply in February, down 7.2% to $5.2 billion.
Total imports were up 1.9% in February to $48.6 billion. Imports of energy products rose 15.4% to $3.4 billion in February. Imports of motor vehicles and parts were up 1.7% to $9.4 billion. Partially offsetting the overall increase were lower imports of gold, which contributed to decreases in the metal ores and non-metallic minerals (-11.9%) and in the metal and non-metallic mineral products (-3.0%) sections.
On a per country basis, imports from the United States were up 3.3% to $32.1 billion, mostly on higher imports of aircraft. Exports to the United States increased 1.9% to $34.6 billion, mainly on higher exports of passenger cars and light trucks. As a result, Canada's trade surplus with the United States narrowed from $2.9 billion in January to $2.6 billion in February.
Exports to countries other than the United States fell 4.2% to $11.3 billion, mainly on lower exports to the United Kingdom (unwrought gold). Imports from countries other than the United States also declined, down 0.6% to $16.6 billion. As a result, Canada's merchandise trade deficit with countries other than the United States widened from $4.9 billion in January to $5.3 billion in February.
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