OTTAWA -- Canada's merchandise exports grew at a much slower pace than the last four months.

Exports increased by a meager 0.5 percent in January -- to $33.0 billion from $32.9 billion as prices rose and volumes fell slightly -- while imports declined 1.7 percent to $32.2 billion from $32.8 billion.

According to Stats Canada, declines in automotive products (-4.1%) (due to low volumes and extended plant shutdowns) and machinery and equipment offset gains in industrial goods and materials (up 4.8%) like metals and alloys and other consumer goods.

Decreases in imports were more widespread, with machinery and equipment, which has posted declines in five out of the last six months, leading the drop, along with consumer goods and energy products, which came off of three months of increases.