Canada's trade balance with the rest of the world changed direction in February, with figures revealing the economy posted a trade deficit of $972 million after three straight monthly surpluses.
Statistics Canada reported Tuesday that imports only increased by a little bit, 0.6% to be precise. But the balance flipped to a sizable deficit because exports plunged, as eight out of 11 sub-sectors tracked by the data agency were lower.
In total, exports were down by 2.4% to $45.3 billion from January's record high level. Just about all sectors moved lower, including farm, fishing and intermediate food products, aircraft and other transportation equipment and parts, as well as consumer goods.
One of the biggest decreases was canola, exports of which declined by 33.7% to $552 million in the month, following three consecutive monthly increases during which canola exports more than doubled, reflecting higher Chinese demand for Canadian canola.
While down from January's record level, Canada's overall exports are still up by 4.4% compared to the same month a year ago.
