March Sees Canada's Trade Deficit Narrowing

In a recent report by Statistics Canada, it was revealed that the country's goods and services trade deficit has significantly narrowed to 942 million Canadian dollars (approximately $682 million) in March, down from a 2.1 billion Canadian dollars deficit in February.

Export and Import Figures

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

Goods Trade Deficit Improvement

The goods trade deficit showed remarkable 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 decreased by 6.6% following the introduction of new tariffs in March, with imports to the US also dropping by 2.9%.