Canada’s trade balance flipped from a surplus of $3.1 billion in January to a deficit of $1.5 billion in February.

• Exports fell -5.5% MoM to $70.1 billion, and imports increased 0.8% MoM to $71.6 billion, the 5th straight monthly increase.
• After increasing 15.9% from September 2024 to January 2025, total exports decreased -5.5% in February.
• Exports of energy products (-6.3% MoM) posted the largest decline in February, the first decrease since September 2024.
• The largest contributors to the increase in February were imports of motor vehicles and parts (+5.8% MoM), industrial machinery, equipment and parts (+3.1% MoM), energy products (+5.2% MoM) and metal and non-metallic mineral products (+3.5% MoM).
• After rising for three consecutive months and reaching a record high in January, exports to the United States were down -3.6% MoM in February, representing a decrease of -$2.1 billion. Meanwhile, imports rose 2.5% MoM in February.