Canada: Trade deficit narrowed from $4.8 billion in December to $4.2 billion in January

"Canada's exports were up 2.9% in January, mainly on the strength of higher crude oil export prices. Imports rose 1.5%, led by higher aircraft imports," Statistics Canada reported on Wednesday and added: "As a result, Canada's merchandise trade deficit with the world narrowed from $4.8 billion in December to $4.2 billion in January."

Key takeaways from the press release

• Export prices were up 2.0%, while volumes increased 0.9%. 
• After five consecutive monthly decreases, exports of energy products rose 14.0% in January to $7.1 billion.
• Exports to countries other than the United States rose 7.9% to $13.6 billion in January, mainly on higher exports to the United Kingdom (gold).