Free Trial

Service Normalisation Weighs On Goods Trade Surplus

CANADA DATA
  • The merchandise trade surplus was smaller than expected in Feb at C$0.42B (cons 1.7B) after a downward revised 1.2B (initial 1.92B), with downward pressure coming from the non-energy balance.
  • It leaves a 3-month annualized goods surplus at roughly 0.7% GDP, but it continues to be more than outweighed by a post-pandemic normalising service deficit of -1.3% GDP -- the 3-mth av was pushed lower by a small Dec reading, with the Feb deficit the largest in C$ terms since Mar’20.
  • The combination leaves a goods & service surplus of -0.6% GDP on the same three-month basis, off recent lows of -1% GDP in late 2022 but with near-term momentum potentially heading lower.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.