Canadian trade deficit grows to record $3.4 billion in March as exports fall faster than imports

, Economic

Statistics Canada says exports in March fell 4.8 per cent to $41.0 billion. Ten of 11 sectors declined, led by motor vehicles and parts, consumer goods, and metal and non-metallic mineral products.

OTTAWA — Canada’s trade deficit in March widened to a record $3.41 billion as exports sank for a second month on weak demand from the crucial U.S. market, Statistics Canada said on Wednesday.

The deficit, far greater than a $1.40 billion shortfall forecast by analysts in a Reuters poll, came as Canada is already struggling to deal with the prolonged effects of an oil price slump.

Exports to the United States, which accounted for 74.2 per cent of Canada’s global total in March, fell by 6.3 per cent while imports dropped by 4.8 per cent. As a result, Canada’s trade surplus with the United States dropped to a 22-year low of $1.53 billion, down from $2.12 billion in February.

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