Canada's trade surplus shrank unexpectedly in February on lower exports of energy and automotive products while imports grew slightly, Statistics Canada data indicated on Thursday.
The surplus was just $292 million, significantly lower than the $1.90 billion forecast by market operators. Statscan revised the January surplus to $1.95 billion from an initial $2.10 billion.
Exports sank by 3.9% as shipment of energy products dropped by 6.9% while automotive products fell 11.9% after five consecutive monthly increases. Overall volumes sank by 3.5%.
Exports to the United States, which made up 73.9% of all Canadian exports in February, dropped by 3.8%. The trade surplus with the United States fell to $4.81 billion from $6.06 billion in January.
Imports grew by 0.2% on an 18.3% surge in the import of energy products, in particular pipeline diluents and aviation fuel. Overall volumes fell by 0.9%.
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