The FINANCIAL — Canada posted in March its biggest trade deficit on record with the rest of the world, as the negative fallout from lower energy prices overshadowed gains in non-energy exports, according to Nasdaq.
The previous month’s data were also revised downward, as the trade deficit in February widened on lower-than-estimated receipts from crude and natural gas.
Canada’s trade deficit expanded to C$3.02 billion Canadian dollars ($2.50 billion) in March, from a revised deficit of C$2.22 billion in February, Statistics Canada said on May 5. March’s trade deficit is the biggest on record, the data agency said.
Market expectations were for a March trade deficit of C$800 million, according to economists at Royal Bank of Canada.
In March, exports rose 0.4%, as prices declined 1.5% while volumes advanced 1.9%. Meanwhile, imports climbed 2.2% as volumes increased 1.5% and prices gained 0.6%.
February’s report originally indicated a deficit of C$984 million, but was revised to C$2.22 billion to account for lower sales of energy products. Exports in February declined 2.3%, or the biggest drop in 17 months.