In January, Canada's merchandise exports increased 4.2%, while imports were up 3.1%. As a result, Canada's merchandise trade surplus with the world widened from a revised $1.2 billion in December 2022 to $1.9 billion in January 2023.
Total exports rose 4.2% in January to reach $67.0 billion. The increase was widespread in January, with all product sections increasing except energy products.
Following two consecutive monthly declines, total imports increased 3.1% to $65.1 billion in January. Increases were observed in 6 of the 11 product sections. In real (or volume) terms, total imports were up 4.1%.
Exports to countries other than the United States were up 7.2% in January, reaching a record $16.7 billion. Exports to China (canola oil and coal), the United Kingdom (gold) and Germany (aircraft and crude oil) posted the largest increases.
Imports from countries other than the United States rose 4.6% in January. Imports from Mexico (trucks) and Switzerland (pharmaceutical products) led the increase.
Canada's trade deficit with countries other than the United States narrowed for a fifth consecutive month, edging down from $7.2 billion in December to $7.1 billion in January.
Exports to the United States increased 3.3% in January, while imports from the same country rose 2.3%. As a result, Canada's merchandise trade surplus with the United States widened from $8.4 billion in December to $9.0 billion in January. This is the second consecutive monthly widening of the trade surplus with the United States following six months of narrowing.
This is an excerpt from the 08 March 2023 edition of The Daily from Statistics Canada.