Statistics
Canada announced on Tuesday that Canada recorded a trade deficit of CAD0.51 billion in March, compared to a revised gap of
CAD1.41 billion (from CAD1.52 billion) in February.
Economists had expected
a shortfall of CAD1.60 billion.
According to
the report, Canada’s exports slipped by 0.2 per cent m-o-m to CAD69.90 billion
in March, as 6 of 11 product sections posted decreases
in exports, led by aircraft and other transportation equipment and parts (-10.2
per cent m-o-m), consumer goods (-4.2 per cent m-o-m), metal and non-metallic
mineral products (-3.2 per cent m-o-m) and energy products (-2.2 per cent
m-o-m). Partially offsetting these declines were higher exports
of motor vehicles and parts (+7.7 per cent m-o-m), forestry products and
building and packaging materials (+3.5 per cent m-o-m), and farm, fishing and
intermediate food products (+3.1 per cent m-o-m).
Meanwhile,
imports fell by 1.5 per cent m-o-m to CAD70.40 billion in March. This marked
the first monthly drop in imports since September 2024, which was due to declines
in 4 of 11 product sections, including energy products (-18.8 per cent m-o-m),
metal and non-metallic mineral products (-15.8 per cent m-o-m), metal ores and
non-metallic minerals (-5.3 per cent m-o-m), and forestry products and building
and packaging materials (-0.2 per cent m-o-m).
For the first
quarter of 2025, Canada recorded a trade surplus of CAD1.2 billion compared to
a gap of CAD0.5 billion in the fourth quarter of 2024. The country’s exports climbed
6.0 per cent in the first quarter, hitting a record high of CAD214.0 billion,
and its imports jumped 5.2% to a record CAD212.8 billion.