Canada’s trade balance swung into surplus in January due to a sharp decline of imports led by the automotive sector.
Canada recorded a trade surplus of $2.6 billion after a revised deficit of $1.6 billion in December, Statistics Canada said. That’s the widest monthly surplus since 2008.
Imports fell 7.4% in January, led by a 14% drop in shipments into Canada of motor vehicles and parts.
Statistics Canada said supply issues were partly to blame for the drop in the automotive sector, but import declines were broad-based with 10 of 11 product categories recording a decline in January.
Exports were down just 0.2% during the month, helped by rising prices for energy. Excluding energy, Canada’s exports were down 2.7% in January
