Trade Deficit Balloons to Record $3 billion in March
The gap between what Canada buys from the rest of the world and what it sells expanded to an all-time record of $3 billion in March as Canadians imported a lot more consumer goods during the month, at the same time as Canadian exports such as oil plunged.
Statistics Canada said the gulf between exports and imports widened to $3 billion in March, up from $2.2 billion the month before. That figure is itself far larger than the $984 million trade deficit originally reported for February, which the data agency explained by saying “as estimates of exports of energy products were updated with administrative and survey data as they became available.”
Imports increased 2.2% in March to $45.5 billion, while exports only ticked up 0.4% to $42.5 billion. In volume terms, exports were up by 1.9%. But prices for the things Canadians sell to the world declined by 1.5%. Click here to read more.
U.S. Trade Deficit Balloons to Six-year High in March
On a surge in imports from the end of the West Coast port strike, backed by the strong dollar, the U.S. trade deficit swelled in March to a six-year high.
The trade gap was $51.4 billion in March, jumping from a slightly upwardly revised $35.9 billion in February, the Commerce Department said Tuesday.
The March deficit was the highest since October 2008 amid the financial crisis. The increase from February far exceeded the average analyst estimate of a $40.0 billion deficit and was the largest monthly gain since late 1996. Click here to read more.