Statistics Canada reports $496M merchandise trade surplus for January

Statistics Canada says the country posted a merchandise trade surplus of $496 million in January as imports fell to their lowest level since February 2022.

The surplus came after a revised trade deficit of $863 million in December compared with an initial report of a $312-million deficit for the final month of 2023.

Statistics Canada says total imports dropped 3.8 per cent in January to $61.8 billion.

The move came as imports of consumer goods fell 7.1 per cent due in large part to a 19.0 per cent plunge in imports of pharmaceutical products. Excluding pharmaceutical products, imports of consumer goods were down 3.8 per cent in January.