Statistics Canada announced on Friday that Canada recorded a trade surplus of CAD1.41 billion in January, compared with a revised CAD1.98-billion deficit in December (originally a CAD1.67-billion gap). This was the first surplus since May 2019 and the largest surplus since July 2014.

Economists had forecast a deficit of CAD1.40 billion.

According to the report, Canada’s exports surged by 8.1 percent m-o-m (the most since the rebound in the summer of 2020) to CAD51.12 billion in January, led by a climb in exports of aircraft and other transportation equipment and parts (+72.3 percent m-o-m). Meanwhile, imports increased by 0.9 percent m-o-m to CAD49.78 billion in January, primarily due to higher imports of energy products (+20.5 percent m-o-m).