Canada's Trade Deficit Narrows Significantly in March

In a recent report by Statistics Canada, it was revealed that the country's trade deficit has seen a notable decrease. The deficit stood at 942 million Canadian dollars (approximately $682 million) in March, a significant improvement from the 2.1 billion Canadian dollars recorded 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 pronounced decline of 1.3%, amounting to 88.5 billion Canadian dollars.

Goods Trade Deficit Shows 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 change 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%, a shift attributed to the implementation of new tariffs in March, while imports to the US fell by 2.9%.