Canada's merchandise trade balance with the world posted a third consecutive monthly surplus, widening from $447 million in December to $807 million in January. Exports were up 0.5% on the strength of higher exports of motor vehicles and canola. Imports edged down 0.3% in January, mainly due to lower imports of unwrought gold.

Total exports increased 0.5% to a record $46.5 billion in January, despite declines in 6 of 11 sections. Volumes rose 1.0% while prices were down 0.5%. Higher exports of motor vehicles and parts, as well as farm, fishing and intermediate food products were the largest contributors to the increase.

These increases were partially offset by declines in exports of consumer goods, as well as metal and non-metallic mineral products. In January, exports excluding energy products rose 0.9%. Year over year, total exports increased 1.8%.