Trade surplus shrinks as exports fall, imports rise in March: StatsCan

OTTAWA, Ont. – Canada’s merchandise exports declined 0.7 per cent in March as a result of falling prices for energy products, while imports grew two per cent on the strength of precious metals.

Canada’s trade surplus with the world narrowed to $254-million in March from $1.2-billion in February.

Export and import volumes increased during the month.

Exports decreased to $33.5-billion in March from $33.8-billion in February, halting six straight months of increases.

Export prices fell 2.9 per cent, while volumes grew 2.3, their first decline in prices in six months.

Energy products accounted for the decline in the value of exports, as their prices fell 6.9 per cent.

Excluding energy products, overall exports increased 1.3 per cent.

Imports grew to $33.3-billion in March from $32.6-billion in February, their highest level since December 2008 and their fourth gain in five months.

Import volumes increased 3.5 per cent, while prices decreased 1.5.

Exports and imports to the United States both fell in March. Exports declined 2.5 per cent, reflecting the weakness in exports of energy products, while imports decreased 0.6.

As a result, Canada’s trade surplus with the United States narrowed to $3.8-billion in March from $4.3-billion in February.

Exports to countries other than the United States grew 4.2 per cent, their third straight monthly gain, while imports rose 6.5.

Consequently, Canada’s trade deficit with countries other than the United States widened to $3.6-billion in March from $3.2-billion in February.