- Prior was +0.50B
- Exports $66.62B vs $62.29B prior
- Imports $65.23B vs $61.79B prior
- Canada's trade surplus with the United States widened slightly from $8.8 billion in January to $9.1 billion in February.
This is a good number and USD/CAD is at the lows of the day, down 35 pips to 1.3491. The surge in both imports and exports is a good sign for economic activity. The 5.8% rise in exports was the most since Aug 2023 and got a big boost from gold sales, which accounted for half the surplus.
On the imports side, imports of electronic and electrical equipment and parts increased 9.7% to a record $7.6 billion in February. Imports of computers and computer peripherals (+41.4%), which had been trending downward since the spring of 2022, were mostly responsible for the growth in February 2024. Could that be chips and AI?
