Canada's merchandise trade surplus has decreased

In February, Canada's merchandise trade surplus decreased to $422 million due to a larger drop in exports than imports. The export of metal and non-metallic mineral products decreased by 5.4%, while the export of motor vehicles and parts decreased by 4.4%. Total imports also decreased by 1.3% to $64.6 billion, with a significant drop of 8.7% in industrial machinery, equipment, and parts imports after reaching a record level in January.

Canada's trade deficit with countries other than the US increased from $7.4 billion in January to $8.9 billion in February, with a 7.2% decrease in exports to these countries and a 1.3% increase in imports. On the other hand, Canada's trade surplus with the US increased from $8.6 billion in January to $9.2 billion in February, with a 0.9% decrease in exports and a 2.8% decrease in imports to the US.

In addition, Canada's international trade deficit in services increased from $2.0 billion in January to $2.2 billion in February, with a 1.3% decrease in service exports to $14.0 billion and a 0.4% increase in service imports to $16.2 billion.