Statistics Canada announces the Canadian international merchandise trade, details as follows:
Imports of industrial and agricultural machinery, which contains equipment such as excavating machinery, metalworking machinery, drilling machinery and mining machinery fell 9.2 percent to $2.5 billion.
Following large increases in recent months, exports of passenger vehicles, lumber and aircraft pulled down exports in February. A slightly larger drop in imports from record high values resulted in Canada's merchandise trade surplus edging up to $6.3 billion in February.
Imports fell 4.6 percent to $32.0 billion in February as importers paused during a steep upward trend that began in early 2004. Imports of metals and metal ores, chemicals, trucks, and industrial and agricultural machinery, which surged in December and January, returned to more moderate import levels, resulting in a drop in imports from record-high values.
Within industrial goods and materials, imports of metals, such as gold and copper, and chemicals utilized in the manufacture of pharmaceutical products increased substantially in recent months. In February, these high import values subsided, with metals and metal ores falling 9.8 percent to $2.0 billion and chemicals and plastics declining 5.8 percent to $2.4 billion.
Canada's two smallest import sectors (agricultural and fishing products and forestry products) lost ground in February, falling 2.7 percent and 2.0 percent respectively.
Agricultural and fishing products increased for five consecutive months to hit a record high in January, a month in which nearly all commodities registered an increase. In February, alcoholic beverages registered the largest gain, up 3.2 percent to $229.6 million, however, this was offset by drops in commodities such as dairy, coffee, and fish products.
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