Canada Trade Deficit Hits 5.74 Billion on Gold Imports
Canada's trade deficit hit 5.74 billion dollars in February as gold imports reached record levels. Exports to the U.S. fell to their lowest share ever.
Canada reported a significant expansion of its merchandise trade deficit in February, which climbed to a six-month high of C$5.74 billion ($4.12 billion). According to data from Statistics Canada, the deficit widened from an upwardly revised C$4.18 billion in January, far exceeding the C$2.25 billion deficit projected by economists.
Total imports rose by 8.4% during the month to reach a record C$72.1 billion. This surge was primarily attributed to a 45.6% increase in imports of metal and non-metallic mineral products, driven largely by significant acquisitions of Gold from the United States. Other sectors also saw growth, with motor vehicle and parts imports rising 5.9% as domestic production resumed, while energy product imports increased by 20.1%.
