Sask. exports up 22% in February

Saskatchewan’s merchandise exports rose 22.2 per cent in February, reaching $2.62 billion, up from the $2.15 billion recorded in February 2011, largely fuelled by energy products, according to a recent report from Statistics Canada.

Exports of energy products were up by 60.8 per cent in February over the same period last year, while exports of agricultural products rose by 14.1 per cent and machinery and equipment increased by 33.2 per cent over the same period.

In the first two months, merchandise exports were $5.2 billion, up 23.9 per cent compared to the same period in 2011.

Saskatchewan ranked second among the provinces in terms of percentage increase in exports over this period.

Canada’s trade surplus narrowed unexpectedly in February, as exports fell and imports edged up, Statistics Canada said.

The federal agency said the balance of trade surplus declined to $292 million during the month from $1.95 billion in January.

February marked the fourth consecutive monthly surplus, although it was also the second month in a row in which that number has declined.

Economists had forecast a trade surplus in February to be as much as $2 billion.

Exports fell 3.9 per cent in February to $39.6 billion.

“After posting several monthly increases, exports of energy products and automotive products were the main contributors to the overall decline,” the agency said.

Imports rose 0.2 per cent to $39.3 billion, with a drop in automotive products offset by gains in imports of energy products.

The surplus with the United States — Canada’s largest trading partner — narrowed to $4.8 billion in February from $6.1 billion the previous month as exports fell 3.8 per cent to $29.3 billion and imports rose 0.4 per cent to $24.5 billion.

Exports to countries other than the U.S. were down four per cent to $10.3 billion, with exports falling four per cent to $10.3 billion and imports edging down 0.2 per cent to $14.9 billion.

That pushed Canada’s trade deficit with those countries to $4.5 billion in February from $4.1 billion a month earlier.