Statistics Canada announced on Wednesday that Canada’s merchandise trade deficit stood at CAD4.25 billion in January 2019, narrowing from a revised CAD4.82 billion gap in December 2018 (originally a CAD4.59-billion deficit).

Economists had expected a deficit of CAD3.50 billion.

According to the report, the country’s exports were up 2.9 percent m-o-m in January, the first gain since July 2018, mainly on the strength of higher crude oil export prices.

Meanwhile, imports jumped 1.5 percent m-o-m, led by higher aircraft imports.