Canada posts third-straight monthly trade surplus thanks to autos, agri-food
OTTAWA — The country kicked off the year with a third-straight monthly trade surplus — the first time that has happened since 2014 — due in large part to stronger sales in motor vehicles and from the agri-food sector, Statistics Canada said Tuesday.
Canada’s merchandise trade balance with the world widened to $807 million in January, as exports increased 0.5 per cent to hit a record $46.5 billion, the agency said.
Peter Hall, chief economist with Export Development Canada, said the 0.5 per cent increase for January on its own was decent. But when viewed in the context of the solid growth the economy has seen in recent months, he called it “great news.”
“The auto sector is blockbuster in the United States, so the sales levels are about as high as they ever get,” Hall said when asked about what has been going right for Canada.