Trade deficit narrows to $237M

Statistics Canada says the country's trade deficit with the rest of the world dropped to $237 million in January, down from $332 million in December.
An uptick in crude oil exports helped narrow Canada's trade deficit with the rest of the world.

Statistics Canada says the country's trade deficit with the rest of the world dropped to $237 million in January, down from $332 million in December.

Exports rose to $39.1 billion, with crude oil and crude bitumen and unwrought precious metals and precious metal alloys leading the gain.

Meanwhile, imports also increased, to $39.3 billion with energy products contributing the most.

Crude oil and crude bitumen also drove exports to the United States up 2.6 per cent to $29.0 billion in January, while imports from the U.S. also rose 2.1 per cent to $24.7 billion.

That led Canada's trade surplus with the United States to grow from $4.0 billion in December to $4.3 billion in January.

Canada's trade deficit with countries other than the United States went from $4.4 billion in December to $4.5 billion in January.