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May 3, 2018
Canada's trade deficit jumps to $4.1 billion in March
Statistics Canada announced that the country's merchandise trade deficit totalled $4.1 billion in March, widening from the $1.9 billion deficit in February.
The federal agency reports that total exports rose 3.7% to $47.6 billion. Aircraft and other transportation equipment and parts; farm, fishing and intermediate food products; and energy products contributed the most to the widespread increase.
Imports rose 6.0% to a record high $51.7 billion in March. Motor vehicles and parts and also consumer goods were largely responsible for the increase.
On a per country basis, imports from the United States increased 3.1% in March, mainly due to higher imports of passenger cars and light trucks. Exports to the United States rose 1.2%, led primarily by higher exports of crude oil. As a result, Canada's trade surplus with the United States narrowed for the fifth consecutive month, moving from $2.3 billion in February to $1.7 billion in March.
Canada's total trade with countries other than the United States reached a record $31.2 billion, with imports increasing 11.5% and exports up 11.4%. Imports from China (+26.6%) led the increase, mainly on higher imports of computers and peripheral equipment and of communications and audio and video equipment. Higher exports to countries other than the United States were mostly attributable to the United Kingdom (unwrought gold), Saudi Arabia (other transportation equipment), South Korea (aircraft) and Japan (copper and coal). Consequently, Canada's trade deficit with countries other than the United States widened from $5.2 billion in February to $5.8 billion in March.
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