March Sees Narrowing Trade Deficit

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

Exports and Imports See Decline

Despite the overall positive trend, exports of goods and services saw a slight decrease of 0.1% to 87.6 billion Canadian dollars. Imports also declined by 1.3% to 88.5 billion Canadian dollars, contributing to the narrowed deficit.

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 was amidst a 0.2% decrease in exports and a 1.5% fall in imports.

Impact of New Tariffs

The implementation of new tariffs in March had a noticeable effect, with exports to the United States sliding by 6.6% and imports to the US dropping by 2.9%.