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Canada’s trade deficit narrows in January

The Hanjin Geneva container ship prepares to pass underneath the Lions Gate Bridge as it travels to China after leaving the Port Metro Vancouver in Vancouver, British Columbia, Wednesday, Feb. 20, 2013.

Rafal Gerszak/The Globe and Mail

Statistics Canada says the country's trade deficit with the rest of the world dropped to $237-million in January, down from $332-million in December.

Exports rose to $39.1-billion, with crude oil and crude bitumen and unwrought precious metals and precious metal alloys leading the gain.

Meanwhile, imports also increased, to $39.3-billion with energy products contributing the most.

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Crude oil and crude bitumen also drove exports to the United States up 2.6 per cent to $29.0-billion in January, while imports from the U.S. also rose 2.1 per cent to $24.7-billion.

That led Canada's trade surplus with the United States to grow from $4.0-billion in December to $4.3-billion in January.

Canada's trade deficit with countries other than the United States went from $4.4-billion in December to $4.5-billion in January.

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