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May 4, 2017
Canada' trade deficit narrowed in March as exports jumped to record high
Statistics Canada announced that the country's merchandise trade balance with the world posted a $135 million deficit in March, narrowing from a $1.1 billion deficit in February.
Total exports rose 3.8% in March to a record high $47.0 billion, with increases in 8 of 11 sections. Exports of energy products were up 7.0% to $8.7 billion and exports of consumer goods rose 6.8% to $6.1 billion. Metal and non-metallic mineral products were up 7.1% to $5.6 billion in March, following a 7.4% increase in February.
Total imports were up 1.7% to $47.1 billion, with gains in 7 of 11 sections. Imports of metal and non-metallic mineral products increased 10.4% to $4.0 billion and imports of industrial machinery, equipment and parts increased 4.1% to $4.4 billion, while imports of motor vehicles and parts reached a record high $9.3 billion in March, up 1.5%.
According to the federal agency, March exports to countries other than the United States rose 15.3% to a record high $12.6 billion. Higher exports to China (gold and coal), India (legumes) and South Korea (coal and copper) were responsible for the gain in March.
Imports from countries other than the United States were up 1.2% to $16.7 billion in March, on higher imports from Saudi Arabia (crude oil) and the United Kingdom. As a result, the trade deficit with countries other than the United States narrowed from $5.6 billion in February to $4.1 billion in March.
Imports from the United States increased 2.0% to $30.4 billion in March, while exports to the United States edged up 0.1% to $34.4 billion. As a result, Canada's trade surplus with the United States narrowed from $4.5 billion in February to $4.0 billion in March.
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