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<Econ> Canada Feb Trade Deficit Widens to CAD5.7B as Gold Imports Surge
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Statistics Canada announced on Thursday that Canadas trade deficit widened to CAD5.7 billion in February, the largest trade deficit since August, as gold imports increased. Economists had previously expected a trade deficit of CAD2.5 billion. The trade deficit in January was CAD4.2 billion. Canadas trade activity grew significantly, with imports rising 8.4% over the previous quarter to a record CAD72.1 billion. Metal and non-metallic mineral products recorded the largest increase, up 45.6%. Among them, imports of unwrought gold, silver and platinum group metals more than doubled, mainly driven by higher import volumes from the US. Imports of motor vehicles and parts increased 5.9%, with imports of motor vehicle engines and parts rising 7.5%, in line with a rebound in Canadas auto production. Imports of energy products rose 20.1%, with crude oil and bitumen imports surging 35.3%, also supported by increased imports from the US. Exports grew 6.4% in February. In volume terms, total imports rose 7.1%, while total exports increased 4.8%. (me/s) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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