Statistics Canada Reports $1.5B Trade Deficit for February as Exports Fell

The federal agency says the result compared with a surplus of $3.1 billion in January.

Total exports dropped 5.5 per cent to $70.1 billion in February as exports of energy products fell 6.3 per cent.

Exports of crude oil fell 4.2 per cent on lower prices, while refined petroleum product exports dropped 15.3 per cent due to lower shipments of diesel, mainly to the United States and Panama. Coal exports plunged 26.9 per cent and natural gas exports lost 8.9 per cent.

Meanwhile, total imports gained 0.8 per cent at $71.6 billion in February, boosted by a 5.8 per cent increase in imports of motor vehicles and parts and a 3.1 per cent increase in industrial machinery, equipment and parts.

In volume terms, total exports dropped five per cent in February, while total imports in volume terms were essentially unchanged for the month.

This report by The Canadian Press was first published April 3, 2025.