Trade Deficit Down in March

CBJ — Statistics Canada says the country’s merchandise trade deficit shrank in March as exports, led by the energy sector, rose faster than imports.

The deficit for March amounted to $3.2 billion compared with $3.4 billion in February.

Canadian exports rose 3.2% to $49 billion as exports of energy products rose 7.7% to $9.6 billion in March and motor vehicles and parts gained 5.6% at $7.7 billion.

Meanwhile, imports gained 2.5% to $52.3 billion, as consumer goods posted the largest increase.

Imports of consumer goods moved up 6.7% in March to a record $10.9 billion, boosted by imports of clothing, footwear and accessories. Imports of motor vehicles and parts saw a 4.9% increase to just under $10 billion.