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. The deficit stood at 942 million Canadian dollars (approximately $682 million), a notable improvement from February's 2.1 billion Canadian dollars.

Export and Import Trends

Exports of goods and services saw a marginal decrease of 0.1%, totaling 87.6 billion Canadian dollars. On the other hand, imports experienced a sharper decline of 1.3%, amounting to 88.5 billion Canadian dollars.

Goods Trade Deficit Improvement

The goods trade deficit showed remarkable progress, improving 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.

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%.