Trade Deficit Down in February

CBJ — In the month preceding the craziness of the COVID-19 pandemic, Canada managed to reduce its merchandise trade deficit to $983 million in February compared with $1.7 billion in January.

Imports from China were down by about 7% according to figures released by Statistics Canada. It was in Wuhan, China where the outbreak of the novel coronavirus was first unleashed upon the world. Canadian exports to China was down 6.5%.

“Lower imports of computers and peripherals, cellphones, and clothing and accessories were the main contributors to the decline,” according to StatsCan.

Exports rose 0.5% to $48.3 billion in February as eight of the 11 sectors moved higher, while in volume terms, exports increased 2.7%.