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Canada's merchandise trade surplus with the world expanded by more than $2 billion in February in the wake of increases in all export sectors combined with a decrease in imports.

Canadian companies exported $39.3 billion worth of merchandise, up 3.8%, the second consecutive increase. In terms of constant dollars, a method used to isolate volume changes, prices remained flat, while export volumes rose 3.8%.

At the same time, the value of merchandise imports fell 2.0% to $34.4 billion, the first decrease since October 2007. In constant dollar terms, prices fell 1.2% while volumes also declined 0.8%.

As a result, Canada's trade surplus with the world jumped to $4.9 billion from a revised $2.8 billion in January. This was the largest monthly surplus since May 2007.

The trade surplus with the United States soared to $8.1 billion, the biggest surplus in more than one year.  Exports to our southern neighbour increased by 3.6%, while imports from the United States fell 3.4%.

The trade deficit with countries other than the United States narrowed for the second straight month, falling to $3.2 billion resulting from increased exports to Japan and the European Union, particularly the Netherlands and Italy.