Canada: International trade surplus rose to C$2.62 billion in January versus C$2.00 billion expected

Joel Frank Independent Analyst

Canada posted a trade surplus of C$2.62B in the month of January, the largest since 2008, a release from Statistics Canada showed on Tuesday. That was a larger surplus than the C$2.0B expected and marked a strong rebound from December's surprise deficit of C$1.58B. Analysts said that, given recent commodity price gains, further upside in the country's trade surplus is expected.

Exports fell slightly to C$56.62B from $56.72B in December, down just 0.2% MoM. Meanwhile, Imports saw a much larger 7.4% MoM decline to $54.0B in January versus $58.30 in December.

Market Reaction

The loonie did not react to the latest Canadian data release, with FX markets for now more focused on geopolitics and related moves in commodity markets.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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