According to Statistics Canada, significant growth was observed in Canada's merchandise exports and imports in February. Exports increased 5.8 percent, while imports rose 4.6 percent. As a result, Canada's merchandise trade surplus with the world widened from $608 million in January to $1.4 billion in February.
Total exports were up 5.8 percent in February, the largest percentage increase since August 2023. Overall, increases were observed in 9 of the 11 product sections. In February 2024, more than half of the growth in total exports was driven by a sharp rise in exports of unwrought gold. Excluding the product group for unwrought gold, exports were up 2.8 percent. In real (or volume) terms, total exports rose 6.2 percent in February.
After decreasing 3.1 percent in January, total imports were up 4.6 percent in February. All product sections rose, except metal and non-metallic mineral products, which fell slightly by 0.6 percent. Year over year, imports rose 1.4 percent in February. In real (or volume) terms, total imports increased 4.1 percent in February compared with the previous month.
Exports to countries other than the United States jumped 14.2 percent in February, driven mostly by a strong increase in unwrought gold exports to Switzerland and the United Kingdom. Meanwhile, imports from countries other than the United States rose 6.7 percent. The largest increases in imports were observed for China (various products), the United Kingdom (aircraft), Indonesia (scrap of non-ferrous metals) and South Korea (passenger cars and light trucks).
As a result, Canada's trade deficit with countries other than the United States narrowed from $8.2 billion in January to $7.7 billion in February.
Exports to the United States were up 3.3 percent in February, while imports from the United States increased 3.4 percent. As a result, Canada's trade surplus with the United States widened slightly from $8.8 billion in January to $9.1 billion in February.