Retreat in Canadian Exports Shrinks Trade Surplus
Canada’s trade surplus shrank sharply in February on surprisingly weak exports of autos and energy, two stalwarts underpinning growth the past few months.
Statistics Canada reported Thursday that the surplus fell to $292 million from January’s negatively revised $1.9 billion, mostly due to a 3.9% setback in exports to $39.6 billion. In real volume of shipments terms, the picture was not much better. Exports fell 3.5%.
“This is the second consecutive monthly decline in the volume of exports, so the trade impact on quarter one GDP (gross domestic product) growth is tracking negatively,” said Derek Holt, vice-president of economics for Scotia Capital. Read more here.
Date: April 16, 2012