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Canada's trade deficit rises to $1.9 billion as exports fall more than imports

April 6, 2016

Statistics Canada announced that the country's merchandise trade deficit with the world widened from $628 million in January to $1.9 billion in February. Exports fell 5.4% after reaching a record high in January and imports declined 2.6%.

According to the federal agency total imports decreased to $45.6 billion in February. Imports of energy products fell 29.7% to $1.4 billion and imports of motor vehicles and parts were down 2.7% to $8.8 billion. Imports of metal and non-metallic mineral products decreased 4.8% to $3.7 billion and imports of basic and industrial chemical, plastic and rubber products were down 3.4% to $3.7 billion.

Total exports fell $43.7 billion, with exports of consumer goods declining 14.3% to $6.2 billion and exports of energy products decreasing 14.4% to $4.9 billion. Following three consecutive monthly increases, exports of motor vehicles and parts decreased 4.4% to $8.7 billion. Partially offsetting these declines, exports of aircraft and other transportation equipment and parts rose 25.2% to $1.9 billion.

Exports to countries other than the United States declined 4.8% to $10.5 billion. There were lower exports to Italy (-34.5%) and Hong Kong (-41.1%). Imports from those countries decreased 2.4% to $15.1 billion. Countries other than Canada's principal trading partner were the main contributors to the decrease. As a result, Canada's trade deficit with countries other than the United States widened from $4.4 billion in January to $4.6 billion in February.

Exports to the United States fell 5.6% to $33.1 billion in February and imports were down 2.7% to $30.5 billion. As a result, Canada's trade surplus with the United States narrowed from $3.8 billion in January to $2.7 billion in February.

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