Statistics Canada announced on Wednesday that Canada recorded a trade surplus of CAD1.04 billion in February, compared with a revised CAD1.21-billion surplus in January (originally a CAD1.41-billion surplus). This was the first time since late 2016 that the trade balance was in a surplus position for two consecutive months.

Economists had forecast a surplus of CAD1.00 billion.

According to the report, Canada’s exports fell by 2.7 percent m-o-m to CAD49.86 billion in February, led by the declines in the metal and non-metallic mineral products (-10.9 percent m-o-m), motor vehicles and parts (-10.2 percent m-o-m), and aircraft and other transportation equipment and parts (-20.3 percent m-o-m). Meanwhile, imports decreased by 2.4 percent m-o-m to CAD48.82 billion in February (the lowest level since August 2020), primarily due to lower imports of motor vehicles and parts (-7.8 percent m-o-m) and energy products (-21.4 percent m-o-m).