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  1. Canada’s merchandise exports grew 2.8% in February, on the strength of industrial goods and materials, outpacing a 0.9% increase in imports. As a result, Canada’s trade surplus with the world widened to $1.4 billion in February from $754 million in January.
  2. Exports increased to $34.0 billion from $33.1 billion in January, as prices and volumes each grew 1.4%. This represented the fifth increase in export volumes and prices during the past six months. While most export sectors experienced gains in February, industrial goods and materials accounted for over half the growth in exports.
  3. Imports rose to $32.6 billion from $32.3 billion as volumes increased 1.0% while prices declined 0.2%. Import volumes have been trending upward since April 2009 whereas prices have generally been declining during the same period. Notable increases in imports of machinery and equipment, and automotive products were nearly offset by pronounced declines in imports of energy products. Excluding the energy products sector, imports would have increased 2.6% in February.
  4. On the strength of automotive products, exports to the United States increased 2.0% and imports grew 1.2%. As a result, Canada’s trade surplus with the United States widened to $4.4 billion in February from $4.2 billion in January.
  5. Exports to countries other than the United States rose 5.2% as exports to all principal trading areas except Japan increased in February. Imports from countries other than the United States grew 0.2% due to higher imports from Japan. Consequently, Canada’s trade deficit with these countries narrowed to $3.0 billion in February from $3.4 billion in January.

Note to readers

Merchandise trade is one component of Canada's international balance of payments, which also includes trade in services, investment income, current transfers as well as capital and financial flows.

International merchandise trade data by country are available on both a balance of payments and a customs basis for the United States, Japan and the United Kingdom. Trade data for all other individual countries are available on a customs basis only. Balance of payments data are derived from customs data by making adjustments for characteristics such as valuation, coverage, timing and residency. These adjustments are made to conform to the concepts and definitions of the Canadian System of National Accounts.

Data in this release are on a balance of payments basis, seasonally adjusted in current dollars. Constant dollars are calculated using the Laspeyres volume formula.

Revisions

In general, merchandise trade data are revised on an ongoing basis for each month of the current year. Current year revisions are reflected in both the customs and balance of payments based data. Revisions to customs based data for the previous year are released on a quarterly basis. Revisions to balance of payments based data for the three previous years are released annually in June.

Factors influencing revisions include late receipt of import and export documentation, incorrect information on customs forms, replacement of estimates with actual figures, changes in classification of merchandise based on more current information, and changes to seasonal adjustment factors.

Revised data are available in the appropriate CANSIM tables.