OTTAWA (Reuters) — Canada’s trade deficit declined for a second straight month in February, falling slightly to $2.9 billion after reaching a record high of $4.8 billion in December, Statistics Canada said.
The agency revised January’s deficit to $3.1 billion from an initial $4.2 billion as a result of a $1.2 billion upward revision in crude oil exports.
Exports declined 1.3 percent to $48 billion in February from January on lower shipments of non-energy products. Energy product exports rose 11.7 percent to $9.3 billion, with oil shipments up 8.5 percent at $6.1 billion.
Excluding energy, exports fell four percent, with exports of metal ores and non-metallic minerals dropping 11 percent, while exports of metal and non-metallic mineral products declined 6.6 percent.
Following two months of consecutive gains, imports declined 1.6 percent to $50.9 billion, led by lower imports of gold.
