OTTAWA, Feb. 5 (Xinhua) -- Canada's merchandise exports increased 4.9 percent and imports were up 2.3 percent in December, Statistics Canada said Wednesday.
The depreciation of the Canadian dollar continued to impact import and export values in December, said the national statistical agency.
According to the agency, the average value of the Canadian dollar decreased sharply for a third consecutive month. The Canadian dollar fell 1.3 U.S. cents in December, which was the largest monthly decline in 2024. When expressed in U.S. dollars, Canadian exports increased 3 percent in December, while imports were up 0.4 percent.
The trade surplus with the United States widened in December and amounted to 102.3 billion Canadian dollars (71.6 billion U.S. dollars) for the year 2024, a narrowing compared with the surplus of 108.3 billion Canadian dollars (75.8 billion U.S. dollars) observed in 2023, the agency said.
Exports of energy products are key to Canada's merchandise trade surplus with the United States. In 2024, Canada exported 176.2 billion Canadian dollars (123.3 billion U.S. dollars) worth of energy products to other countries, with the vast majority of these exports destined for the United States, said the agency.
In 2024, the combined value of Canada's imports and exports of goods traded with the United States surpassed the 1 trillion Canadian dollars (700 billion U.S. dollars) mark for a third consecutive year. The United States was the destination for 75.9 percent of Canada's total exports, and was the source of 62.2 percent of Canada's total imports, said Statistics Canada.
