Statistics Canada announced on Wednesday that Canada’s merchandise trade deficit stood at CAD2.90 billion in February, narrowing from a revised CAD3.09 billion gap in January (originally a CAD4.25-billion deficit). 

Economists had expected a deficit of CAD3.50 billion. 

According to the report, the country’s exports were down 1.3 percent m-o-m in February as all non-energy product sections declined, led by the metal and non-metallic mineral products section (-6.6 percent m-o-m).

Meanwhile, imports fell 1.6 percent m-o-m in February, led by lower imports of gold.