Trade surplus grows as exports up, imports down in January: StatsCan

OTTAWA - Canada's merchandise exports grew 0.5 per cent in January, while imports declined 1.7 per cent.

As a result, Statistics Canada reports the country posted a trade surplus with the world of $799 million in January compared with a surplus of $75 million in December.

Exports increased to $33 billion from $32.9 billion in December, as prices rose 0.8 per cent and volumes fell 0.3.

Although exports have been increasing for five straight months, the pace of growth slowed in January as declines in automotive products and machinery and equipment nearly offset gains in industrial goods and materials, and other consumer goods.

After two months of increases, imports declined to $32.2 billion from $32.8 billion in December as a result of a 1.2 per cent decline in volumes and a 0.6 per cent drop in prices.

Machinery and equipment, other consumer goods and energy products led the downward movement in overall imports.

Exports to the United States decreased 0.6 per cent and imports declined 0.5, largely as a result of lower trade of automotive products. As a result, Canada's trade surplus with the United States was $4.1 billion in January, almost unchanged from $4.2 billion in December.

Exports to countries other than the United States grew 3.8 per cent.