Source: The Canadian Press

Canada’s merchandise exports declined 0.7% in March as a result of falling prices for energy products, while imports grew 2% on the strength of precious metals.

Canada’s trade surplus with the world narrowed to $254 million in March from $1.2 billion in February.

Export and import volumes increased during the month.

Exports decreased to $33.5 billion in March from $33.8 billion in February, halting six straight months of increases.

Export prices fell 2.9%, while volumes grew 2.3, their first decline in prices in six months.

Energy products accounted for the decline in the value of exports, as their prices fell 6.9%.

Excluding energy products, overall exports increased 1.3%.

Imports grew to $33.3 billion in March from $32.6 billion in February, their highest level since December 2008 and their fourth gain in five months.

Import volumes increased 3.5%, while prices decreased 1.5.

Exports and imports to the United States both fell in March. Exports declined 2.5%, reflecting the weakness in exports of energy products, while imports decreased 0.6.

As a result, Canada’s trade surplus with the United States narrowed to $3.8 billion in March from $4.3 billion in February.

Exports to countries other than the United States grew 4.2%, their third straight monthly gain, while imports rose 6.5.

Consequently, Canada’s trade deficit with countries other than the United States widened to $3.6 billion in March from $3.2 billion in February.

IE