OTTAWA (Reuters) – Canada’s exports fell 0.7% in March, largely on cheaper energy products, while imports declined 2.9%, driven by pharmaceuticals and other consumer goods, data from Statistics Canada showed on Thursday.
The country’s trade surplus with the world came in at C$972 million ($714 million) in March, above analyst forecasts of a C$200 million surplus. February’s trade balance was revised to a C$487 million deficit from an initially reported C$422 million surplus.
Total exports dropped to the lowest level since February 2022, mainly due to lower exports of crude oil. By volume, exports rose 0.1% in March.
A rise in exports of aircraft and other transportation equipment and parts partially offset the overall decrease, Statscan said
Imports dropped to their lowest level in about a year, impacted by pharmaceutical products, as well as clothing, footwear and accessories. Imports of cellphones and computers also declined in March.
By volume, imports fell 5.3% in March.
The Canadian dollar was trading at 1.3607 to the greenback, or 73.49 U.S. cents
($1 = 1.3605 Canadian dollars)
(Reporting by Ismail Shakil and Dale Smith in Ottawa; Editing by Alexander Smith)
