Canada records biggest trade shortfall in March, and the worst may still be on the way

, Crisis

The country's shortfall was substantially bigger than estimated, as the impact of the international collapse in oil prices continued to squeeze demand for Canada's exports.

OTTAWA — It was expected that Canada’s trade performance would wane in March, but it wasn’t expected to be this bad — a record deficit of $3.41 billion in March, in fact, as exports dropped much faster than imports.

And that might not be the worst of it, especially if our biggest and most reliable trading partner — the United States — continues to limp along with us. 

Wednesday’s report from Statistics Canada showed the country’s global shortfall in the balance of trade was substantially bigger than the $1.4-billion estimated by economists, as the impact of the international collapse in oil prices continued to squeeze demand for Canada’s exports. In February, the deficit totalled $2.5 billion, and March brought no improvement.

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