Canadian exports reach record high in January

Total exports in Canada increased 0.5% to a record $46.5 billion in January according to the official report released by the Statistics Canada. Additionally, exports to the United States rose 2.3% to $34.6 billion in January, led by higher exports of passenger cars and light trucks.

Further details of the report showed that Canada's merchandise trade balance with the world posted a third consecutive monthly surplus, widening from $447 million in December to $807 million in January. On the other hand, total imports edged down 0.3% in January to $45.6 billion largely due to lower imports of unwrought gold.