According to Statistics Canada, Canada's exports fell 5.4 percent to $43.7 billion in February, after reaching a record high in January. Export prices decreased 3.2 percent and volumes were down 2.2 percent. Imports declined 2.6 percent to $45.6 billion, as prices were down 1.4 percent and volumes decreased 1.2 percent. Consequently, Canada's merchandise trade deficit with the world widened from $628 million in January to $1.9 billion in February.
Exports to the United States fell 5.6 percent to $33.1 billion in February and imports were down 2.7 percent to $30.5 billion. As a result, Canada's trade surplus with the United States narrowed from $3.8 billion in January to $2.7 billion in February.
Exports to countries other than the United States declined 4.8 percent to $10.5 billion. There were lower exports to Italy (-34.5 percent) and Hong Kong (-41.1 percent). Imports from countries other than the United States decreased 2.4 percent to $15.1 billion. Countries other than Canada's principal trading partners were the main contributors to the decrease. As a result, Canada's trade deficit with countries other than the United States widened from $4.4 billion in January to $4.6 billion in February.
Total imports decreased 2.6 percent to $45.6 billion in February. There were lower imports in 9 of 11 sections, led by energy products. However, year over year, total imports increased 2.3 percent.
Imports of energy products fell 29.7 percent to $1.4 billion, the lowest import value since September 2003. Volumes decreased 21.2 percent and prices were down 10.8 percent. The main contributor to the decline in imports was crude oil and crude bitumen, down 45.7 percent to $550 million. Declining imports have coincided with eastern refineries increasingly sourcing crude oil domestically. In addition, imports of refined petroleum energy products decreased 18.7 percent to $549 million.