Canada's trade surplus grew more than expected in February as recovering global demand for autos, metal ores and fertilizers propelled exports.
The surplus widened to $1.4 billion in February from $754 million in January, Statistics Canada said Tuesday. Exports climbed 2.8%, outpacing a 0.9% increase in imports.
It's the latest sign the economy is on the mend, helped by growing global demand for Canadian products. Exports reached $34-billion in the month as both prices and volumes rose -- the fifth increase in export volumes and prices in six months.
Industrial goods and materials accounted for more than half the growth in exports, the agency said.
Exports to the United States, Canada's largest trading partner, rose 2% on as demand for auto products increased. Canada's trade surplus with its southern neighbour widened to $4.4 billion in February from $4.2 billion in January.
Exports to countries other than the U.S. rose 5.2% as exports to all principal trading areas except Japan increased.
Economists had expects a surplus of $600 million, according to Bloomberg.
