Canada records largest monthly trade surplus with US since 2005

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Canada’s trade surplus with the US widened from 9.7 billion Canadian dollars ($7.8 billion) in January to 10.3 billion Canadian dollars ($8.3 billion) in February, the largest trade surplus with the US since December 2005 despite the trucker convoy blockages at some key border crossings, Statistics Canada said.

Canada’s exports to the US rose 1.3 per cent in February, while imports edged down 0.1 per cent. When the average exchange rates of January and February are compared, the Canadian dollar depreciated 0.6 U.S. cents relative to the American dollar, Statistics Canada added on Tuesday.

In late January and February, some key border crossings between Canada and the US were blocked by protesters, preventing the normal flow of goods between the two countries, Xinhua news agency reported.

According to Statistics Canada data, when combined, Canada’s highway border crossings at the Ambassador Bridge (Ontario), Coutts (Alberta), Emerson (Manitoba), and the Pacific Highway (British Columbia) represent more than one-third of Canada’s trade activity by road. Road transport accounts for more than half of Canada’s trade with the US.

In customs basis figures for February, trade activity by road transport at these border crossings fell 8.8 per cent compared with February 2021, with the Ambassador Bridge and Coutts crossings posting the largest declines.

However, increased trade activity was observed at other crossings near the ones that were blocked, partly offsetting the decline in traffic. Overall, the blocked border crossings appeared to have had little impact on the aggregate values of Canadian imports and exports with the US in February, Statistics Canada explained.

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