Canada has significantly reduced its trade deficit in March to $ 135 million through record exports, the statistical institute said on Thursday.
In their average forecast, economists expected a deficit of $ 1 billion in March, after a $ 1.1 billion deficit in February.
After falling 2.5% in February, exports rebounded 3.8% to a record $ 47 billion in March.
Volumes increased by 2.5% and prices by 1.3%. Energy products, consumer goods, especially food products, and metal products have boosted exports.
Exports of energy products rose 7.0% to $ 8.7 billion in March, with a 31.6% increase in natural gas exports to the northeastern United States, affected by abnormally high temperatures bass.
Excluding energy, exports increased by 3.1%.
Over a year, exports rose 12.9% in March.
Imports, up for a fourth consecutive month, rose 1.7% to $ 47.1 billion. Prices rose 1.9%, while volumes fell 0.2%.
This increase in imports was driven by metals, raw gold from Japan, industrial equipment and vehicles. Over a year, imports increased by 5.6%.
The trade surplus with the United States, Canada’s largest trading partner, declined to $ 4 billion in March from $ 4.5 billion in February.
Along with the rest of the world, Canada saw its trade deficit shrink to $ 4.1 billion in March from $ 5.6 billion in the previous month, driven by exports (+ 15.3%), while imports Slightly increased (+ 1.2%).
Canada exported more gold and coal to China, more legumes to India and coal and copper to South Korea in March, but it also imported more crude oil from Saudi Arabia.