Canada trade deficit narrows in February

OTTAWA: Canada's trade deficit narrowed to Can$984 million (US$781 million) in February, the government statistics agency said Thursday.

This follows a Can$1.5 billion deficit the previous month, which was revised downward from an amount originally reported as Can$2.5 billion.

Statistics Canada cited updated energy sector data for the large discrepancy in the numbers.

According to the agency, February imports fell 0.7 percent to Can$44.5 billion while exports rose 0.4 percent to Can$43.5 billion.

Imports of cars and trucks, industrial machinery and parts, plastics, rubber products and chemicals, and energy products were down in the month.

Notably imports of crude oil and crude bitumen have declined 44.9 percent since November, with prices falling 27.0 percent and volumes down 24.6 percent, said Statistics Canada.

Imports of metal ores and concentrates, meanwhile, were up in February.

Energy exports also rose in in the month. Crude oil and crude bitumen deliveries abroad were up 9.3 percent. Natural gas exports rose 45.1 percent and refined petroleum energy products increased by 22.2 percent.

Exports of cars and trucks, however, were down.