Canada's trade deficit shrank to $3.2 billion in March, StatsCan reports
Led by the energy sector, exports rose faster than imports
Statistics Canada says the country's merchandise trade deficit shrank in March as exports — led by the energy sector — rose faster than imports.
The agency says the deficit for March amounted to $3.2 billion compared with $3.4 billion in February.
Economists had expected a deficit of $2.45 billion, according to Thomson Reuters Eikon.
The change came as Canadian exports rose 3.2 per cent to $49.0 billion as exports of energy products rose 7.7 per cent to $9.6 billion in March and motor vehicles and parts gained 5.6 per cent at $7.7 billion.
Meanwhile, imports rose 2.5 per cent to $52.3 billion, as consumer goods posted the largest increase.
Imports of consumer goods rose 6.7 per cent in March to a record $10.9 billion, boosted by imports of clothing, footwear and accessories. Imports of motor vehicles and parts rose 4.9 per cent to $9.9 billion.