Representative Image of Canada’s International Merchandise Trade by Pavel Neznanov on Unsplash
Ottawa/CMEDIA: An increase in both Canada’s merchandise exports by 4.2 percent, and imports by 3.1 percent in Jan 2023, Canada’s merchandise trade surplus with the world widened from a revised $1.2 billion in Dec 2022 to $1.9 billion in Jan 2023, Statistics Canada reported on Mar 2023.
With hike in exports of farm, fishing and intermediate food products for the fourth time in five months, total exports rose 4.2 percent in Jan to reach $67.0 billion.
Following two consecutive monthly declines, imports of motor vehicles and parts also reached a record high of 3.1% to $65.1 billion in January.
Exports to countries other than the United States were up 7.2% in January, reaching a record $16.7 billion.
Exports of canola oil and coal to China, gold to the United Kingdom, and aircraft and crude oil to Germany posted the largest increases.
Imports from countries other than the United States rose 4.6% in January. Imports from Mexico (trucks) and Switzerland (pharmaceutical products) led the increase.
Canada’s trade deficit with countries other than the United States narrowed for a fifth consecutive month, edging down from $7.2 billion in December to $7.1 billion in January.
While exports to the United States (US) increased 3.3 percent in Jan, imports rose 2.3 percent, Canada’s merchandise trade surplus with the US widened from $8.4 billion in Dece to $9.0 billion in Jan.
Following six months of narrowing trade surplus with the US,, Canada witnessed the second consecutive monthly widening of the trade surplus with the US.
#CanadianInternationalMerchandiseTrade; #StatisticsCanada
