OTTAWA: Canada's trade deficit narrowed to Can$2.9 billion (US$2.2 billion) in February, the government statistical agency said Wednesday, beating expectations.
The figure follows the previous month's deficit of Can$3.1 billion, which was revised downward by more than one billion dollars. Analysts had forecast a deficit of Can$3.5 billion.
Statistics Canada blamed wide price swings recently impacting estimates of crude oil transactions for last month's inaccurate data.
The agency said imports fell 1.6 percent to Can$50.9 billion in February, led by lower gold shipments, while exports were down 1.3 percent to Can$48.0 billion.
Imports of laptops from the United States and China, and ships from Portugal and Norway, as well as industrial machinery, equipment and parts, consumer goods and motor vehicles and parts fell in the month.
But Canada imported more airliners from the United States.
Exports of potash to the United States, iron ore to the Netherlands and passenger cars and light trucks were lower.
Following five months of decline, exports of crude oil, however, rose for a second consecutive month in February, again on the strength of higher prices.
Natural gas exports were up, too.
Canada's trade surplus with the United States, meanwhile, widened from Can$2.6 billion in January to Can$3.5 billion in February.
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