Canada Trade Gap Hits Record High in March

Canada's trade deficit widened to record CAD 3.4 billion in March of 2016 from an upwardly revised CAD 2.47 billion gap in February and well above market expectations of CAD 1.4 billion shortfall. Exports fell 4.8 percent and imports went down at a slower 2.4 percent.

Total exports fell 4.8 percent month-on-month to $41 billion in March, the lowest since January 2014. Exports of motor vehicles and parts went down by 6.0 percent, the second consecutive monthly decline, as passenger cars and light trucks (-6.6 percent) and motor vehicle engines and motor vehicle parts  (-4.8 percent) sales decreased. Exports of consumer goods declined 4.6 percent, led by pharmaceutical and medicinal products (-7.4 percent), miscellaneous goods and supplies (-9.5 percent), and other food products (-4.3 percent). Also, exports of metal and non-metallic mineral products fell 5.4 percent.

Total imports were down 2.4 percent to $44.4 billion. Imports of consumer goods fell 4.6 percent, driven by miscellaneous goods and supplies (-8.0 percent), furniture and fixtures (-14.2 percent), and clothing, footwear and accessories (-6.4 percent). Imports of aircraft and other transportation equipment and parts declined 20.4 percent. Partially offsetting these declines, imports of energy products increased 13.5 percent, as crude oil and crude bitumen rose 64.7 percent. 

Year-over-year, imports decreased 4 percent and exports were down 5.1 percent.

Canada Trade Gap Hits Record High in March

Statistics Canada | Yekaterina Guchshina|
5/4/2016 1:52:31 PM