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

OTTAWA — Statistics Canada says 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.
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OTTAWA — Statistics Canada says 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 says 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 says merchandise exports fell 4.7 per cent to $46.3 billion in March, the lowest level since January 2018, while imports fell 3.5 per cent to $47.7 billion, the lowest since October 2017.

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

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

This report by The Canadian Press was first published May 5, 2020.

 

The Canadian Press

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