Statistics Canada says exports saw a slight decline and household spending slowed for a second straight quarter. (Photo by THE CANADIAN PRESS)

Statistics Canada reports trade deficit shrank to $3.2 billion in March

Mendes said a slowdown in exports in the first quarter appears to have been partially tied to oil production restraint in Alberta

Canada’s trade deficit shrank in March but not as much as expected as exports, led by the energy sector, climbed higher.

Statistics Canada said Thursday the merchandise trade deficit for March amounted to $3.2 billion compared with $3.4 billion in February.

Economists had expected a deficit of $2.45 billion, according to Thomson Reuters Eikon.

“The headline trade deficit looked ugly in March, but the details were at least slightly prettier,” CIBC economist Royce Mendes wrote in a report.

Mendes said a slowdown in exports in the first quarter appears to have been partially tied to oil production restraint in Alberta.

“But, even outside of that sector, growth in outbound shipments has been sluggish in recent years, suggesting the need for a weaker Canadian dollar over the medium-term to increase Canada’s international competitiveness,” he said.

Canadian exports rose 3.2 per cent to $49 billion.

READ MORE: BMO CEO says Canada’s economic growth ‘moderating’, but ‘no screeching halt’

The growth came as exports of energy products rose 7.7 per cent to $9.6 billion in March and motor vehicles and parts gained 5.6 per cent at $7.7 billion.

Meanwhile, imports rose 2.5 per cent to $52.3 billion, as consumer goods posted the largest increase.

Imports of consumer goods rose 6.7 per cent in March to a record $10.9 billion, boosted by imports of clothing, footwear and accessories. Imports of motor vehicles and parts rose 4.9 per cent to $9.9 billion.

Breaking down the trade figures by region, Canada’s trade deficit with countries other than the United States hit a record $6.8 billion in March compared with $6.4 billion in February.

Exports to countries other than the United States rose 8.8 per cent in March to $12.7 billion, while imports from those countries rose eight per cent in March to $19.5 billion.

Meanwhile, Canada’s trade surplus with the United States increased to $3.6 billion in March from $3 billion in February.

Exports to the United States rose 1.3 per cent to $36.4 billion, while imports from the United States fell 0.4 per cent.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Sidney calls on provincial government to appoint mediator to resolve strike

Council approved motion from Coun. Chad Rintoul by 6-1 vote

Climate change protesters plan to impede downtown Victoria traffic during rush hour

Extinction Rebellion group targets local media with die-in on Douglas Street

SD63 students calling on the province to step in and end strike

SD63 students to gather at Minister of Education’s office while strike continues into third week

Victoria recreation fees set to rise nearly five per cent

Fee increase needed for wages, aging infrastructure costs says staff report

Two reports of prowlers in one night in Esquimalt

VicPD notes simple changes can help prevent crime around your home

VIDEO: Canadian allergists’ group wants Benadryl behind the counter due to side effects

Some doctors say the medication is over-used because of its easy availability

POLL: Do you support CUPE workers in their dispute with School District 63?

SD63 schools to remain closed as strike continues Tuesday

Greater Victoria Crime Stoppers wanted list for the week of Nov. 12

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

“I thought, enough is enough”: B.C. teen takes on bullies through social media

‘I thought, enough is enough. I wanted to try something to stop it.’

Audit finds Canada’s fisheries in decline and response lacks urgency

Report says 17 per cent of fish stocks are critically depleted, up from 13.4 per cent in 2018

Small group of Cherry fans protest his firing at Rogers HQ

One sign at the Toronto rally: ‘Rogers cancels Don, we cancel Rogers’

Campbell River RCMP investigating after two stabbing incidents Tuesday night

Police are treating each case separately and have one person in custody

Nearly half of B.C. drivers nervous in winter conditions: BCAA

‘Wait and see’ approach common practice for 32% of B.C. motorists

Autism support dog refused bus access for being a ‘pet’

B.C. grandmother files complaint with TransLink, calls for better awareness of service dogs

Most Read