OTTAWA: Canada’s trade surplus almost doubled from the previous month to 1.4 billion Canadian dollars (1.4 billion US) in February on the strength of industrial goods, Statistics Canada said Tuesday.
The figure is up from 754 million Canadian dollars (752 million US) in January, the government agency said, and significantly higher than the 700 million dollars (698 million US) analysts had forecast.
Exports grew 2.8 per cent in February, outpacing a 0.9 per cent increase in imports.
Exports increased to 34 billion dollars (33.9) in February, marking a fifth increase in export volumes and prices in six months.
Most sectors experienced gains, said Statistics Canada, but industrial goods and materials accounted for over half of the growth in exports.
Imports, meanwhile, rose to 32.6 billion dollars (32.5) as volumes increased and prices declined.
Increases in imports of machinery and equipment, as well as automotive products were nearly offset by “pronounced declines” in energy imports.
Source The News
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