Saturday, October 25th8.6°C
23888
22501

Canadian trade deficit narrows to $177 million as imports fall in January

OTTAWA - Statistics Canada says a dip in imports contributed to a significant narrowing of Canada's merchandise trade deficit in January to $177 million from $922 million the previous month.

The agency says exports did increase during the month by 0.2 per cent to $40.6 billion, but it was a 1.6 per cent decline in imports to $40.8 billion that was the main reason for the improvement in the balance of trade.

In volume terms, exports fell 5.3 per cent, which is expected to weigh on the country's economic output during the first quarter of 2014. Exports were up slightly in value because prices obtained by shippers rose by 5.8 per cent, the agency said.

The strongest export contributors came in energy products, up 9.2 per cent, although most of that gain was due to price effects.

As well, there were sizable percentage gains in shipments of farm, fishing and intermediate food products, as well as wheat.

Meanwhile, exports in motor vehicles fell by 11 per cent, which the agency partly attributed to the extension of holiday shutdowns both in Canada and the U.S.

Overall, exports to the United States, Canada's largest customer, edged lower by 0.1 per cent to $30.7 billion, while imports from south of the border declined an even larger 1.8 per cent to $27.1 billion. As a result, Canada's trade surplus with its nearest neighbour expanded to $3.6 billion from $3.2 billion in December.

Canada's trade deficit with the rest of the world narrowed by about $300 million to $3.8 billion in January, as exports grew by 1.3 per cent and imports declined by 1.2 per cent.

In a separate report, Statistics Canada said labour productivity rose by one per cent in the fourth quarter of 2013, following a smaller 0.3 per cent gain in the third. The real gross domestic product of business grew a healthy 0.7 per cent, while hours worked in goods-producing firms dipped by 0.2 per cent.

The Canadian Press


Read more Business News

23433


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 





FEATURED Property
2046557297 - 4035 Gellatly Road South
$648,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22632