Statistics Canada reports trade deficit grows to $2.7B in February
Canada's trade deficit was $1.9 billion in January, but imports rose by 1.9 per cent, led by energy products. Our trade surplus with the U.S. also shrank
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OTTAWA—Statistics Canada says the country ran a merchandise trade deficit of $2.7 billion in February compared with a deficit of $1.9 billion in January.
Economists had expected a deficit of $2 billion, according to Thomson Reuters.
The increased deficit came as imports rose 1.9 per cent to $48.6 billion, boosted by imports of energy products.
Exports increased 0.4 per cent to $45.9 billion, due to higher exports of passenger cars and light trucks.
Regionally, Canada’s trade surplus with the United States narrowed to $2.6 billion in February compared with $2.9 billion in January as imports from the U.S. grew 3.3 per cent. Exports to the U.S. increased 1.9 per cent.
Canada’s trade deficit with countries other than the United States increased to $5.3 billion in February from $4.9 billion in January.