Canada Trade Balance Shifts To Deficit In February
Canada's trade balance posted a deficit of CAD 0.97 billion in February 2017, following a downwardly revised CAD 0.42 billion surplus in the previous month while market expected of a CAD 0.5 billion surplus. Exports were down 2.4 percent to CAD 44.3 billion on lower sales of farm, fishing and intermediate food products, aircraft and other transportation equipment and parts, and consumer goods. Imports increased 0.6 percent to CAD 46.3 billion, mainly due to higher purchases of special transactions trade, motor vehicles, and parts, and farm, fishing and intermediate food products.
4/4/2017 12:46:19 PM
After reaching a record high in January, total exports fell 2.4 percent to CAD 45.3 billion. There were lower exports of farm, fishing and intermediate food products (-10.6 percent), mainly canola (-33.7 percent); aircraft and other transportation equipment and parts (-15.2 percent); and consumer goods (-4.3 percent). Sales excluding energy products were also down 2.4 percent.
Exports to the United States were down 1.2 percent to CAD 34.4 billion. Also, exports to countries other than the United States fell 5.9 percent to CAD 11.0 billion. Lower exports to China (mainly canola) and South Korea (mainly coal) were responsible for the decrease.
Total imports edged up 0.6 percent to CAD 46.3 billion. Higher imports of special transactions trade (33.1 percent); motor vehicles and parts (1.8 percent), and farm, fishing and intermediate food products (8.7 percent) contributed the most to the increase.
Imports from the United States decreased 1.6 percent to CAD 29.9 billion, led by lower purchases of aircraft and crude oil. In contrast, imports from countries other than the United States increased 4.9 percent to CAD 16.4 billion, mainly on higher imports from Japan, Norway, and Brazil.
Year-over-year, exports rose 4.4 percent while imports were up 1.4 percent.