Canada’s imports and exports grew in March after two months of declines, Statistics Canada reported, today. But the country’s trade surplus fell as the value of imports rose at three times the pace of exports.
StatsCan said exports increased 1.1% to $38.3 billion, while imports were up 3.6% to $33.1 billion. The overall trade surplus fell from $5.9 billion in February to $5.1 billion in March.
Strong aircraft shipments out of the country pushed up exports in March, while imports returned to near-record levels as Canada bought more foreign crude petroleum, machinery and equipment, consumer goods and automotive goods.
Exports to the United States remained flat in March, while Canadian companies imported 2.5% more from south of the border than they did in February. Canada’s trade surplus with the United States narrowed from $9.0 billion in February to $8.5 billion in March.