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Canadian Exporters Continue to Struggle Even With Rising Oil

  • Non-energy exports in February drop to the lowest in 12 months
  • Country’s trade picture was helped by rising oil prices
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Photographer: Darryl Dyck/Bloomberg
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Canada recorded smaller trade deficits than expected in the first two months of 2019 on a rally in oil prices, but figures released Wednesday show the nation’s exporters are still struggling.

The nation posted a smaller-than-expected C$2.9 billion ($2.2 billion) deficit in February, and Statistics Canada revised down its initial deficit forecast for January by C$1 billion. Yet, the improved trade balance reflected stronger crude prices and masked what seems to be a deteriorating outlook in just about every other sector.