Canada Records Nearly C$800 Million Trade Surplus In January

(RTTNews) - Canada posted a much larger than expected trade surplus of C$799 million in January compared with a revised surplus of C$75 million in December, official data showed Thursday.

Economists expected a surplus of around C$100 million in January, compared to the deficit of C$200 million previously reported for the final month of 2009.

Canada's merchandise exports grew 0.5% in January, a slower pace than in the previous four months, while imports declined 1.7%, Statistics Canada noted.

Exports increased to $33.0 billion from C$32.9 billion in December, as prices increased 0.8% while volumes fell 0.3%.

Although exports have been increasing for five consecutive months, the pace of growth slowed in January on declines of automotive products.

Following two months of increases, imports declined to $32.2 billion from $32.8 billion in December.

Exports to the United States decreased 0.6% and imports declined 0.5%, largely as a result of lower trade of automotive products.