Canadian Manufacturing

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

Exports and imports fell due to the COVID-19-related economic slowdown

May 5, 2020  The Canadian Press

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.

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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%.


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