Canada: Merchandise trade deficit decreased to $2.9 billion in February

"Canada's merchandise trade deficit with the world narrowed slightly, from $3.1 billion in January to $2.9 billion in February," Statistics Canada reported today.

Key takeaways from the press release

• Following two consecutive monthly increases, total imports declined 1.6% to $50.9 billion in February.
• Import prices were down 1.6%, while volumes were essentially unchanged.
• Following a 5.3% increase in January, total exports were down 1.3% in February to $48.0 billion.
• Overall, export volumes were down 4.1%, while prices were up 2.9%.