Data released on Wednesday shows that Canada’s merchandise trade surplus exceeded CAD 1.04 billion in February. Analysts at the National Bank of Canada said that there was a shortage of chips in February’s commodities trading.
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“The recovery in the international freight trade was reversed in February, as a shortage of semiconductor chips used in the manufacture of automobiles, for example, forced many auto assembly plants in North America to reduce or halt production Done.% In the second month of the year. Statistics Canada expects further decline in the coming months. “
“Metals and non-metallic minerals exports also fell sharply as gold transfers within the banking sector declined. In contrast, international shipments of energy products continued to increase, to a 14-month high of $ 9.5 billion. reached at.”
“Rising commodity prices have not only boosted some export categories, but have also improved trade conditions. The latter are now at their highest levels since August 2014.”
Canada’s trade surplus with its southern neighbor reached its highest level since February 2008. Deep freezes certainly played a part in the Midwest, but liberal tax breaks from Washington have also helped.
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