Canada's Trade Deficit Shows Improvement in March

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

Exports and Imports See a Decline

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

Goods Trade Deficit Improves

The goods trade deficit showed improvement, moving from 1.4 billion Canadian dollars in February to 506 million Canadian dollars in March. This change was accompanied by a 0.2% decrease in exports and a 1.5% fall in imports.

Impact of New Tariffs

Notably, exports to the United States dropped by 6.6% following the implementation of new tariffs in March, with imports to the US also decreasing by 2.9%.