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

Wildfire burning southeast of Sparwood estimated 0.1ha in size

Nine BC Wildfire Service personnel are onsite responding to a wildfire approximately… Continue reading

Black Press Kootenay Career Fair underway in Cranbrook

Today, Thursday, August 22, around 40 employers will be waiting to meet potential new employees

Artist Michael Hepher selected to paint mural downtown Fernie

The mural will be located on The Beanpod, 691 2 Ave, Fernie, on the outside wall.

UPDATED: Crews remain on scene of Jaffray hay barn fires

Emergency personnel remain on scene throughout Wednesday to put out hot spots

Vehicle stolen from downtown Fernie found torched at transfer station

RCMP are seeking witnesses to the theft of a yellow 2002 Subaru… Continue reading

Black Press Career Fair underway in Cranbrook at Days Inn

Opportunities abound for employers and job seekers

Independent cannabis store blazing uncharted trails in Fernie

Stick and Stone Cannabis Co., Fernie’s first independently run cannabis store, opened… Continue reading

Thermal imaging cameras eye Salish Sea in hopes of better detecting whales

Cameras installed at BC Ferries’ terminal on Galiano Island, and off southern Gulf Islands

BREAKING: Province approves Surrey police force

Minister of Public Safety Mike Farnworth green-lights city’s municipal police force

Police watchdog investigating two officers after Langley teen’s suspected overdose

According to IIO, two officers were deployed to help Carson Crimeni but did not locate him before he died

B.C. father tells judge he did not kill his young daughters

Andrew Berry pleaded not guilty to the December 2017 deaths

UPDATED: Kelly Ellard gets day parole extended for six more months, overnight leave

Kelly Ellard was convicted of killing 14-year-old Reena Virk in 1997

River rescue near Fernie prompts log jam warning

The City of Fernie announced at the beginning of August a dangerous… Continue reading

Black Pistol Fire ignites Wapiti festival crowd

Off stage, Kevin McKeown is a calm, collected individual. On stage, he… Continue reading

Most Read