Trying to track Canada’s export movement can sometimes be a complication. We watch the flow of trade – both ways actually – more closely these days because of the way tariffs are impacting buying and selling decisions everywhere.
The latest numbers we have on this are from February and it is complex. Imports and exports were up but often there were increases of the same products in both directions. Trade in gold, for example, was up and up. Imports of gold from the US doubled but exports of gold also went up.
Motor vehicle parts were another big mover. After a soft month in January, February saws strong gains in both directions, underscoring the integration of the Canadian and American industries as components flow north and south.
One area where Canadian imports rose sharply was oil and gas. That may sound surprising but in February we bought 30-percent more crude oil and bitumen, mostly from the US. We also saw aviation fuel imports surge.
On the export side, China was back in the market buying more Canola, barley and soy beans.
