Canada’s trade deficit widens to $1.4 billion in March
Shady Salah – Media in Toronto
Canada’s trade deficit widened from $894 million in February to $1.4 billion in March, as the COVID-19 pandemic continues to affect exports and import and dragged both of them to their lowest levels in years.
In March, despite Canadian borders remaining open for goods, both imports and exports decreased notably, as the impact of measures to contain the spread of COVID-19 in Canada became evident, according to Statistics Canada.
With a full month of physical distancing policies in place in April, merchandise trade values are expected to decrease more severely next month, the agency said on Tuesday. Canada’s merchandise exports fell 4.7% to $46.3 billion in March, the lowest level since January 2018. Total imports declined 3.5% to $47.7 billion, a level not observed since October 2017. Both exports and imports were down almost 10% on a year-over-year basis. In real (or volumes) terms, March exports decreased 4.8% and imports were down 5.8%.