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January Goods Trade Balance.............>

CANADA DATA
CANADA DATA: January Goods Trade Balance
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- Jan goods trade deficit -C$4.2b vs market consensus at -C$3.5b
- December revised to -C$4.8b from -C$4.6b
- Total exports +2.9%, but volumes up just 0.9%
- Energy exports +14% on crude oil price rebound; Volume -1.5%
- Real non-energy exports +1.7% vs December -0.1%
- Imports +1.5%, all volume related; led by aircraft
- Exports to the US +1.1%, but surplus C$1.6b, smallest since Jun'16

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