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Canada reported a trade surplus of CAD 0.5 billion in January 2024, contrasting with a revised deficit of CAD 0.9 billion in December and beating market forecasts of a CAD 0.1 billion surplus. Exports dropped by slower 1.7% over a month to CAD 62.3 billion. Shipments declined most for aircraft & other transportation equipment & parts (-13.9%), primarily aircraft (-25.4%), and metal & non-metallic mineral products (-6.2%), primarily unwrought nickel & nickel alloys (-26.9%) and semi-finished products of non-ferrous metals & non-ferrous metal alloys (-26.5%). Meanwhile, imports decreased by 3.8% to CAD 61.8 billion, the lowest level since February 2022, mainly due to falling purchases of unwrought gold, silver, & platinum group metals (-33.5%), pharmaceuticals (-19.0%), and passenger cars and light trucks (-10.3%).