Canada’s trade surplus grew to $1.39 billion in February due to record levels of gold exports.
According to Statistics Canada, gold exports outpaced a rise in imports during February, leading to a better-than-expected trade surplus.
Analysts surveyed by the Reuters news agency had expected an $800 million trade surplus for February.
Additionally, Statistics Canada revised up the trade balance for January to $608 million from an initial estimate of a $496 million surplus.
Total exports in February rose 5.8% to $66.62 billion, marking the fastest growth since August 2023, while imports increased 4.6% to their highest level since June of last year.
The increase in exports was mostly due to a big rise in shipments of gold. In volume terms, total exports from Canada rose 6.2% in February.
Growth in Canada’s imports during February was led by electronic and electrical equipment and parts products, which increased to a record level.
Imports of consumer goods also rose, with clothing and footwear posting the largest increase. By volume, Canada’s total imports increased 4.1%.
Overall, nine of the 11 export product sections rose in February, while all import product sections except metal and non-metallic mineral products increased.
