Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Canada Barely Ekes Out Trade Surplus in JanuaryFriday, March 11, 2011 > 09:18:54
Canada recorded a much smaller-than-expected trade surplus of C$0.12 billion ($0.12 billion) in January, when imports hit a two-year high and exports stagnated, Statistics Canada data indicated on Thursday. The figure was considerably less than the C$2.60 billion forecast by market operators. Statscan revised December's surplus down to C$1.71 billion from an initial C$3.00 billion.
Imports are in part being fueled by the strong Canadian dollar, which is currently trading near three-year highs against the U.S. dollar. The Bank of Canada says the value of the dollar is hurting exports. Imports grew in January from December by 5.3 percent to C$37.40 billion, their highest level since November 2008, as automotive shipments increased by 16.2 percent and energy products advanced 13.8 percent.
Exports edged up by 0.8 percent to C$37.52 billion, when higher shipments of automotive, industrial and energy products just outweighed drops in exports of machinery and equipment as well as agricultural and forest products.