Article content continued

The value of exports fell 2.4 per cent, the biggest decrease since March 2016, while volumes were down 2.5 per cent. Overall, exports decreased in eight out of 11 industries. Excluding energy products, exports were down 2.4 per cent.

“This is a disappointing report and appears to wipe out the upside risk to our Q1 GDP call of 3.5%…and could even introduce some downside,” said BMO economist Benjamin Reitzes. “After a huge January for the Canadian economy, it looks as though we could be in for some payback in the February data. Even so, this report is no reason to turn downbeat on Canada, with momentum in so many indicators pointing to strong momentum to start 2017.”

The farm, fishing and food products sector slumped 10.6 per cent, with canola contributing the most to the decline. Exports of aircraft and transportation equipment and parts fell 15.2 per cent, led by a drop in aircraft shipments.

As measured by value, imports rose 0.6 per cent, with volumes up 0.3 per cent.

Imports of motor vehicles and parts jumped 1.8 per cent, led by an increase in passenger cars and light trucks.

© Thomson Reuters 2017