03/04/2016 07:41 EST | Updated 03/05/2017 00:12 EST

Canada Trade Deficit Grows To $655 Million. But It's Not As Bad As Was Expected.

Not nearly.

Port of Vancouver in the late evening.
Kim Rogerson via Getty Images
Port of Vancouver in the late evening.

OTTAWA — Statistics Canada says the country's merchandise trade deficit increased to $655 million in January compared with $631 million in December.

Economists had expected a trade deficit of $1.05 billion for the month, according to Thomson Reuters.

The increase came as imports rose 1.1 per cent in January to $46.7 billion, while exports totalled $46.0 billion, up 1.0 per cent from December.

Exports excluding energy products increased 2.3 per cent.

The deficit came as exports to countries other than the United States fell 3.7 per cent to $11.1 billion in January.

Imports from countries other than the U.S. increased 1.1 per cent to $15.4 billion.

Meanwhile, exports to the U.S. climbed 2.6 per cent to $34.9 billion in January, while imports from the U.S. gained 1.1 per cent to $31.2 billion.

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