Canada’s international trade deficit narrowed to $4.2 billion in January
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The international trade deficit narrowed from its all-time high, Posting a gap of 4.2 billion yuan in January, mainly due to higher oil exports, Statistics Canada said Wednesday.
The statistics bureau also revised the actual balance of international trade in December to 4.8 billion yuan from 4.6 billion yuan, the largest ever recorded by Canada.
The value of imports inched up 1.5 per cent in January from the previous month, but exports almost doubled, the report showed.
It had a $1.6 billion surplus with the United States in January
After five consecutive months of declines, Canada’s exports of energy products, mostly petroleum products, rebounded 14 percent in January to $7.1 billion. Oil prices have climbed by almost a third since the end of 2018.
While international trade remained in deficit, Canada ran a surplus with a number of countries, including its largest trading partner, the United States. In January, exports to the United States totaled $34 billion, while imports rose to $32.5 billion, with a trade surplus of nearly $1.6 billion.
Excluding the United States, Canada recorded a trade deficit with the rest of the world of $5.8 billion, down from $6.6 billion in December.