Canada’s merchandise trade deficit widened to $5.7 billion in February, up from $4.2 billion in January, as imports rose faster than exports.
Imports increased 8.4 percent to a record $72.1 billion, while exports rose 6.4 percent to $66.3 billion.
Imports of unwrought gold and related metals more than doubled, largely from the United States. Exports of gold also rose, mainly to the United Kingdom.
Trade in motor vehicles also rebounded. Exports of vehicles and parts rose 24.2 percent after production interruptions in January. Imports increased as well, reflecting higher activity in Canadian and U.S. auto production.
Energy imports rose 20.1 percent due to higher shipments of crude oil and refined fuels, again mostly from the United States.
The trade balance with the United States narrowed significantly. Imports from the U.S. increased 13.6 percent, while exports rose 4.4 percent, reducing the surplus to $1.7 billion, the lowest level since 2020.
Exports to countries other than the United States reached a record $22.3 billion, supported by shipments of gold and agricultural products. Imports from these countries also rose, though more modestly.
Including services, Canada’s overall trade deficit widened to $5.3 billion in February, as total imports continued to exceed exports.