Ottawa — Canada posted a $1.9 billion goods trade surplus in January, buoyed by exports of wheat, canola oil and soybeans, Statistics Canada reported on Wednesday.

This compares to a revised surplus of $1.2 billion for the month of December. The first reading for the final month of 2022, released last month, had shown a deficit of $160 million.

“The strength of trade flows in January is consistent with the rebound in broader measures of activity,” BMO Capital Markets economist Shelly Kaushik wrote in a report.

“The question is whether the momentum continued in the first quarter or faded quickly.”

In January, exports were US$67.0 billion, up 4.2% from December, as exports of agricultural, fishery and intermediate goods rose 11.9% to a record US$5.9 billion .

Motor vehicle and auto parts exports rose 8.2% to $8.3 billion in January, the highest since May 2019.

Meanwhile, total imports rose 3.1% to $65.1 billion in January, with imports of automobiles and vehicle parts rising 11.1% to a record $11.0 billion.

In terms of volume, exports increased by 5.3% in January, while imports increased by 4.1%.

In a separate report, Statistics Canada said the country’s international trade deficit in services hit $2.3 billion in January, up from a deficit of $1.3 billion in December.

The shift came as services imports rose 5.2% to $16.3 billion, while services exports fell 1.3% to $14.0 billion.

Combining international trade in goods and services, the country’s trade deficit with the world was $378 million in January, Statistics Canada said, compared with a deficit of $119 million in December.