Canada's Trade Deficit Narrows in March

In a positive turn of events, Canada's goods and services trade deficit significantly narrowed to 942 million Canadian dollars (approximately $682 million) in March, down from a 2.1 billion Canadian dollars deficit in February, as reported by Statistics Canada on Tuesday.

Exports and Imports See a Decline

Exports of goods and services experienced a slight decrease of 0.1%, totaling 87.6 billion Canadian dollars, while imports saw a more pronounced decline of 1.3%, amounting to 88.5 billion Canadian dollars.

Goods Trade Deficit Improves

The goods trade deficit showed notable improvement, dropping from 1.4 billion Canadian dollars in February to 506 million Canadian dollars in March. This was accompanied by a 0.2% decrease in exports and a 1.5% fall in imports. Notably, exports to the United States plummeted by 6.6% following the introduction of new tariffs in March, with imports to the US also decreasing by 2.9%.