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Canada reported the first consecutive trade surpluses since late 2016, in line with MNI reporting from industry sources that producers were resilient to the second wave of Covid-19.
The surplus narrowed to CAD1 billion in February from CAD1.2 billion in January, as a global microchip shortage hampered automobile production, Statistics Canada reported Tuesday, adding the Suez Canal bottleneck could also weigh on trade in the next few reports.
Overall, higher prices for Canada's exported commodities have brought a surprise reversal to years of trade deficits before the pandemic, one reason StatsCan's flash February GDP estimate showed a 0.5% gain. That strength is one reasons investors see the central bank tapering its bond purchases at its April 21 meeting.