Statistics Canada reports $1.9B merchandise trade surplus for January

Ottawa –

Statistics Canada says the country posted a merchandise trade surplus of $1.9 billion in January, helped by exports of wheat, canola oil and soybeans.

The agency says the result compared with a revised surplus of $1.2 billion for December. The initial reading for the final month of 2022 released last month had showed a deficit of $160 million.

Exports in January totalled $67.0 billion, a gain of 4.2 per cent compared with December, as exports of farm, fishing and intermediate food products rose 11.9 per cent to reach a record $5.9 billion.

Exports of motor vehicles and parts climbed 8.2 per cent higher in January to $8.3 billion, the highest level since May 2019.

Meanwhile, total imports rose 3.1 per cent to $65.1 billion in January as imports of motor vehicles and parts gained 11.1 per cent to reach a record $11.0 billion.

In volume terms, exports gained 5.3 per cent in January, while imports rose 4.1 per cent.

This report by The Canadian Press was first published March 8, 2023.