According to Statistics Canada, Canada's merchandise trade balance with the world posted a $135 million deficit in March, narrowing from a $1.1 billion deficit in February. Exports rose 3.8 percent in March to a record high $47.0 billion, due to stronger exports of energy products and consumer goods. Imports were up 1.7 percent to $47.1 billion, mainly on higher imports of unwrought gold.
In March, exports to countries other than the United States rose 15.3 percent to a record high $12.6 billion. Higher exports to China (gold and coal), India (legumes) and South Korea (coal and copper) were responsible for the gain in March.
Imports from countries other than the United States were up 1.2 percent to $16.7 billion in March, on higher imports from Saudi Arabia (crude oil) and the United Kingdom. As a result, the trade deficit with countries other than the United States narrowed from $5.6 billion in February to $4.1 billion in March.
Imports from the United States increased 2.0 percent to $30.4 billion in March, while exports to the United States edged up 0.1 percent to $34.4 billion. As a result, Canada's trade surplus with the United States narrowed from $4.5 billion in February to $4.0 billion in March. The Canadian dollar fell 1.6 cents US relative to the American dollar in March.