Canadian merchandise trade surplus slips to $422M in February: StatCan

OTTAWA –

Statistics Canada says the nation’s merchandise commerce surplus fell to $422 million in February as exports fell greater than imports.

The federal company says the consequence in contrast with a revised surplus of $1.2 billion for January. The preliminary studying for the primary month of the yr put the excess at $1.9 billion.

For February, whole exports fell 2.4 per cent to $65.0 billion as exports of steel and non-metallic mineral merchandise decreased 5.4 per cent and motor automobiles and components dropped 4.4 per cent.

Meanwhile, whole imports fell 1.3 per cent to $64.6 billion in February. The drop got here as imports of business equipment, tools and components fell 8.7 per cent after hitting a file excessive in January.

Imports of motor automobiles and components misplaced 5.3 per cent in February, whereas shopper items rose 6.9 per cent to partially offset the general drop.

In quantity phrases, whole exports fell 0.9 per cent, whereas imports fell 0.8 per cent.

This report by The Canadian Press was first revealed April 5, 2023.