Statistics Canada reports $4B merchandise trade surplus for January

Honda employees work along the vehicle assembly line before an event announcing plans for a Honda electric vehicle battery plant in Alliston, Ont., on Thursday, April 25, 2024. THE CANADIAN PRESS/Nathan Denette

OTTAWA — Statistics Canada says the country’s merchandise trade surplus in January rose to its highest level since May 2022, as both exports and imports surged higher in the face of tariff threats by the United States.

The agency says Canada posted a trade surplus of $4 billion for January, following a revised surplus of $1.7 billion in December. The initial reading for the final month of 2024 had been for a surplus of $708 million.

Statistics Canada says total exports increased 5.5 per cent in January to reach a record of $74.5 billion.

Exports of motor vehicles and parts rose 12.5 per cent, boosted by a 17.1 per cent increase in exports of passenger cars and light trucks. Exports of energy products increased 4.8 per cent, helped by higher oil and natural gas prices.

Total imports rose 2.3 per cent to $70.5 billion.

In volume terms, total exports rose 4.5 per cent in January, while total imports gained 1.5 per cent.

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This report by The Canadian Press was first published March 6, 2025.