October 4, 2022

The Queens County Citizen

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Canada February billion trade surplus

Canada February billion trade surplus

(Ottawa) Canada recorded a trade surplus for the second month in a row in February, the first since late 2016, Statistics Canada said Wednesday.

The Canadian Press

The trade surplus was $ 1.0 billion in February, and the federal agency revised the surplus to $ 1.2 billion in January, with both exports and imports falling.

In the eyes of TD Bank economist Omar Abdulrahman, the decline in exports in February was not surprising following the strength observed in January, which saw unusually high gains in the volatile segment of aircraft.

“Similarly, the global shortage of semiconductor chips has weakened automotive production,” Mr Abdelrahman wrote in a statement.

However, he noted that the overall outlook for Canadian trade, especially exports, has improved for 2021.

“Trade exports are expected to support strong commodity prices and demand, by reopening economies and strengthening economic opportunities for the United States, Canada’s largest trading partner,” he wrote.

Total exports fell 2.7% to $ 49.9 billion in February after rising 8.2% in January.

Exports of metallic and non-metallic mineral products, motor vehicles and motor vehicle parts as well as aircraft and other transport equipment and parts fell.

On the other side of the equation, total imports fell 2.4% in February to $ 48.8 billion, their lowest level since August 2020.

After a 22.8% increase in January, motor vehicle imports, motor vehicle parts fell by 7.8% and fuel products yields fell by 21.4%.

Total exports, expressed in volumes, fell by 3.8% and imports by 3.5%.

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In a separate report, Statistics Canada recorded a trade surplus of $ 79 million in February, compared to a deficit of $ 236 million in January.

Services imports fell 4.9% to $ 9.1 billion, while services exports fell 1.6 percent to another $ 9.1 billion.

Canada’s trade surplus for goods and services was $ 1.1 billion in February.