Canada’s trade balance increased from $1.7 billion in December to $4.0 billion in January, above expectations of a $1.3 billion surplus and the largest since May 2022.

• Exports jumped 5.5% MoM in January after a 6.0% MoM rise in December. Exports to the United States increased 7.5% in January and reached a record for a second consecutive month.
• Exports of motor vehicles & parts jumped 12.5% MoM, and exports of consumer goods rose 7.8% MoM.
• Energy product exports, especially crude oil and natural gas, were up 4.8% MoM.
• Imports increased 2.3% MoM in January after rising 2.6% MoM in December. Imports from the US were up 4.7% MoM.
• The largest contributors were imports of aircraft and other transportation equipment and parts (+23.6% MoM), electronic and electrical equipment and parts (+5.8% MoM), and energy products (+8.5% MoM).
• Canada's merchandise trade surplus with the United States widened from $12.3 billion in December to a record $14.4 billion in January.