Exports declined to $39.6 billion, as volumes fell 3.5% in February. After posting several monthly increases, exports of energy products and automotive products were the main contributors to the overall decline.
Exports to the United States decreased 3.8% to $29.3 billion. Lower exports of crude petroleum were the largest contributor to the decline. Imports from the United States edged up 0.4% to $24.5 billion. Consequently, Canada's trade surplus with the United States decreased from $6.1 billion in January to $4.8 billion in February.
Exports to countries other than the United States fell 4.0% to $10.3 billion. Imports from countries other than the United States declined 0.2% to $14.9 billion. As a result, Canada's trade deficit with countries other than the United States increased from $4.1 billion in January to $4.5 billion in February.
Source: Stats Can via tradingeconomics.com
Output fell at the fastest rates for five months in both manufacturing and services, with the former seeing the steeper rate of decline.
By country, growth slowed to only a very modest pace in Germany, showing the weakest expansion in the current five-month sequence as weak service sector growth was offset by a sharp decline in manufacturing output. France meanwhile saw output fall for the second month in a row, with the rate of decline accelerating to the fastest since October. Falling manufacturing output was
accompanied by a steep deterioration in service sector activity.
The big-two euro countries nevertheless continued to outperform the rest of the region where output fell sharply, down for the eleventh successive month and at the fastest pace for four months. Steep declines in both manufacturing output and services activity were seen in the periphery.
Source: The Markit www.markiteconomics.com via pragcap.com