Exports, imports see modest March gains

OTTAWA — Merchandise exports and imports both advanced in February following three months of rapid declines.

Exports rose 5.2 percent to $33.1 billion as all sectors increased and auto makers resumed production. Meanwhile, imports increased a modest 1.1 percent to $33.0 billion led by machinery and equipment, reports Stats Canada.

This resulted in a small trade surplus of $126 million, up from a deficit of $1.2 billion in January.

After leading the decline in January, exports of machinery and equipment and automotive products accounted for almost three-quarters of the gain in exports, while weaknesses in energy products dampened further growth.

After falling to their lowest level in 17 years in January, exports of automotive products, specifically, rose 19.8 percent.

Total exports to the U.S. increased 5 percent on the strength of automotive products and precious metals. Imports rose 3.7 percent, largely reflecting increases in automotive products and aircraft.