Canada’s trade deficit narrows to $2.9 billion

Canada’s February trade deficit was $2.9 billion, narrowing the gap from a revised shortfall of $3.1 billion in January.

Exports were down 1.3 per cent in February, while imports declined 1.6 per cent.

Statistics Canada revised January’s numbers to show a smaller deficit — by more than $1 billion — compared to its initial estimate of $4.2 billion.

The combined trade deficit for February, January and December, which reported a shortfall of $4.8 billion, was $10.8 billion — the country’s biggest three-month deficit on record.

Canada imported less gold, electronics, industrial machinery, consumer goods and car parts during the month. 

On the other side of the ledger, the country also exported less of just about everything that wasn’t energy.

Exports to the U.S., meanwhile, increased by far more than imports did, so Canada’s trade surplus with its biggest trading partner widened from $2.6 billion in January to $3.5 billion.

The trade gap with the rest of the world, meanwhile, widened from $5.7 billion in January to $6.4 billion.

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