February’s $5.7B trade deficit was bigger than expected, growing over last month’s print…

… on the back of a 14% rise in imports from the US, which squeezed our surplus south of the border to the lowest level since 2020.

The increase was largely driven by a rebound in motor vehicle activity, which pushed imports up 8% alongside higher gold demand…

… and led the 6% lift in exports…

… with passenger vehicle and light truck exports up over 40% versus the prior month.