Canada’s international trade activity inched 0.6% higher year over year in February after an import contraction of 2.8% was offset by a 4.1% improvement in exports. The latter outpaced the United States’ 5.1% downturn and largely reflects the two countries’ differing exposures to commodities. Canada’s exports of energy and forestry products expanded by 19.9% and 27.4% respectively, reflecting global supply chain price inflation. The global semiconductor crunch meanwhile took a toll on exports of autos and electronics which fell by 18.7% and 7.3% respectively. T...