Canada Trade Gap Narrows Sharply In March


Canada's trade deficit narrowed to CAD 0.14 billion in March of 2017, following an upwardly revised CAD 1.08 billion gap in the previous month and better than market expectations of a CAD 0.9 billion deficit. Exports were up 3.8 percent, due to stronger sales of energy products and consumer goods. Imports rose 1.7 percent, driven by metal and non-metallic mineral products, industrial machinery, equipment and parts and motor vehicles and parts.

Total exports rose 3.8 percent to a record high CAD 47 billion. There were higher exports of energy products (7 percent), consumer goods (6.8 percent) and metal and non-metallic mineral products (7.1 percent). Sales excluding energy products were also up 3.1 percent.

Exports to the United States edged up 0.1 percent to CAD 34.4 billion. However, exports to countries other than the United States jumped 15.3 percent to a record high CAD 12.6 billion. Higher exports to China (gold and coal), India (vegetables) and South Korea (coal and copper) were responsible for the increase.

Total imports went up 1.7 percent to CAD 47.1 billion. Higher imports of metal and non-metallic mineral products (10.4 percent), industrial machinery, equipment and parts (4.1 percent) and motor vehicles and parts (1.5 percent) contributed the most to the increase.

Imports from the United States advanced 2 percent to CAD 30.4 billion. Also, imports from countries other than United States increased 1.2 percent to CAD 16.7 percent, mainly on higher imports from Saudi Arabia (crude oil) and the United Kingdom.

Year-on-year, exports rose 12.9 percent and imports advanced 5.6 percent.

On a quarterly basis, exports increased 1.7% and also reaching a record high of CAD 138.6 billion due to higher exports of energy products.

Total Imports went up 2.6 percent reaching a record high CAD 139.7 billion. Increases were observed in imports of motor vehicles and parts, energy products, and aircraft and other transportation equipment and parts.



Canada Trade Gap Narrows Sharply In March


Statistics Canada | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
5/4/2017 1:24:51 PM