“Canada’s exports were up 2.9% in January, mainly on the strength of higher crude oil export prices. Imports rose 1.5%, led by higher aircraft imports,” Statistics Canada reported on Wednesday and added: “As a result, Canada’s merchandise trade deficit with the world narrowed from $4.8 billion in December to $4.2 billion in January.”
Key takeaways from the press release
- Export prices were up 2.0%, while volumes increased 0.9%.
- After five consecutive monthly decreases, exports of energy products rose 14.0% in January to $7.1 billion.
- Exports to countries other than the United States rose 7.9% to $13.6 billion in January, mainly on higher exports to the United Kingdom (gold).
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