Shipping containers are seen at the Fairview Cove Container Terminal in in Halifax on August 25, 2017. Statistics Canada says the country’s merchandise trade deficit narrowed to $4.2 billion in January as higher oil prices helped exports rise faster than imports. The result followed a revised deficit of $4.8 billion in December compared with an initial reading of a deficit of $4.6 billion for the final month of 2018. THE CANADIAN PRESS/Andrew Vaughan

Statistics Canada reports trade deficit shrinks to $4.2B in January

Economists had expected a deficit of $3.5 billion for January

Statistics Canada says the country’s merchandise trade deficit narrowed to $4.2 billion in January as higher oil prices helped exports rise faster than imports.

The result followed a revised deficit of $4.8 billion for December compared with an initial reading of a deficit of $4.6 billion for the final month of 2018.

Economists had expected a deficit of $3.5 billion for January, according to Thomson Reuters Eikon.

Statistics Canada said total exports rose 2.9 per cent to $47.6 billion in January, the first increase since July 2018. Excluding energy products, exports rose 1.2 per cent in January.

Meanwhile, total imports rose 1.5 per cent to a record $51.8 billion in January, boosted by imports of aircraft and other transportation equipment and parts.

Imports of aircraft and other transportation equipment and parts rose 52.6 per cent to a record $2.7 billion due to higher imports of airliners from the United States.

The Canadian Press


Like us on Facebook and follow us on Twitter.