Canada Trade Deficit Narrows Sharply in January


Canadian trade deficit decreased to CAD 172 million in the first month of 2014 from CAD 922 million in December of 2013 as imports declined 1.6 percent while exports edged up 0.2 percent.

Imports declined to $40.8 billion as volumes were down 2.6% while prices were up 1.0%. The main contributors to the overall decline in imports were motor vehicles and parts as well as energy products.

Imports from the United States declined 1.8% to $27.1 billion, as imports of motor vehicles and parts as well as aircraft and other transportation equipment and parts fell. Imports from countries other than the United States declined 1.2% to $13.8 billion. Lower imports of crude oil and crude bitumen from Norway led to an 8.6% decrease in imports from the principal trading area "other Organisation for Economic Co-operation and Development countries". This decline was partially offset by a 5.4% increase in imports from the European Union.

Exports edged up to $40.6 billion, as an increase in energy products was mostly offset by decreases in motor vehicles and parts as well as metal ores and non-metallic minerals. Overall, prices were up 5.8% while volumes were down 5.3%.

Exports to the United States edged down 0.1% to $30.7 billion. Exports to countries other than the United States grew 1.3% to $10.0 billion, as increases in exports to the principal trading area "all other countries" (+9.3%) were partially offset by declines to Japan (-20.1%).  

Canada Trade Deficit Narrows Sharply in January


Statistics Canada | Joana Taborda | joana.taborda@tradingeconomics.com
3/7/2014 1:59:56 PM