Statistics Canada says trade deficit grew to $1.4B in March

OTTAWA – Statistics Canada announced that the country’s trade deficit grew to $1.4 billion in March as both exports and imports fell due to the COVID-19-related economic slowdown.

The agency said the result compared with a revised trade deficit of $894 million in February.

Economists had expected a deficit of $2 billion in March, according to financial markets data firm Refinitiv.

Statistics Canada said merchandise exports fell 4.7% to $46.3 billion in March, the lowest level since January 2018, while imports fell 3.5% to $47.7 billion, the lowest since October 2017.

Both exports and imports were down almost 10% on a year-over-year basis.

In volume terms, March exports fell 4.8% and imports dropped 5.8%.