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Canada trade deficit narrows in January

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(GlobalPost/GlobalPost)

Canada's trade deficit narrowed to Can$237 million (US$230 million) in January, as rising exports outpaced higher imports, the government's statistical agency said Thursday.

The tenth consecutive monthly deficit was down from a revised Can$332 million (US$322 million) in the previous month, according to Statistics Canada.

Crude oil and crude bitumen led the rise in exports for a third month in a row, followed by a spike in unwrought precious metals and precious metal alloys.

Canada also sold more dyes and pigments, as well as petrochemicals abroad.

Fewer passenger cars and light trucks, as well as auto parts, however, were exported in the month.

And exports of copper ores and concentrates were more than halved.

But total exports to the European Union jumped 14 percent.

Imports of all energy products led the overall increase in imports, which also saw more metal ores and concentrates, as well as turbines entering the country.

Imports of unwrought precious metals and precious metal alloys, meanwhile, fell.

Canada's trade surplus with the United States, its largest trading partner, grew to Can$4.3 billion. Exports rose on the strength of crude oil and crude bitumen. Imports also increased.

amc/dw

http://www.globalpost.com/dispatch/news/afp/130307/canada-trade-deficit-narrows-january