Energy exports rose 7.8 per cent to a record high, making up more than two\u002Dthirds of the total increase
The country’s trade surplus with the world narrowed to $2.66 billion , below analyst forecasts of $2.9 billion. But exports came in above expectations at $58.75 billion, with imports at $56.08 billion.
Statistics Canada also said border blockades in February by anti-vaccine mandate protesters had little impact on overall trade activity, with most road shipments rerouted. “Canada’s trade balance narrowed slightly in February as imports recovered from the previous month’s weakness. However, the bigger story is the recent string of surpluses supported by strength in energy prices,” Shelly Kaushik, an economist at BMO Economics, said in a note.Advertisement 3Energy exports rose 7.8 per cent to a record high, making up more than two-thirds of the total increase, while exports of non-energy products were up 1.2 per cent. In volume terms, exports were up 0.6 per cent.
“Exports of crude oil contributed the most to the growth in February 2022, largely due to higher prices,” Statistics Canada said. Oil prices were climbing even before Russia invaded Ukraine on Feb. 24 and have since surged. Canada is the world’s fourth-largest producer of oil.
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