Canada posts small trade deficit in January
Published on Mar 7, 2014 11:56 PM
OTTAWA (AFP) - Canada's trade swung into virtual balance in January with a deficit of only Can$177 million (S$204 million), compared to a Can$922 million deficit the previous month, the government said Friday.
The improved trade balance surprised economists who had expected a Can$1.5 billion deficit.
Statistics Canada also revised downward by nearly half its initial estimate of the December deficit from Can$1.7 billion.
The change was due to a 1.6 per cent drop in imports to Can$40.8 billion in January, with energy and auto parts imports declining due to the closing of US factories because of harsh winter weather.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!