Canada’s trade deficit grew to $3B in March

OTTAWA—Statistics Canada says the country’s trade deficit grew to $3 billion for March as growth in exports failed to keep pace with the growth in imports.

That deficit was far bigger than the $850 million that economists had expected, according to Thomson Reuters.

Statistics Canada also revised the result for February to show a deficit of $2.2 billion compared with its earlier reading of a $984-million deficit as exports of energy products were updated.

The March deficit grew compared with February as imports increased 2.2 per cent while exports edged up 0.4 per cent.

Import volumes rose 1.5 per cent, while prices increased 0.6 per cent. For exports, volumes increased 1.9 per cent, while prices declined 1.5 per cent.

Canada’s trade surplus with the United States increased to $2.2 billion in March compared with $1.9 billion in February. Meanwhile, Canada’s trade deficit with countries other than the United States widened to $5.2 billion compared with $4.2 billion in February.