Canada's trade deficit surges to record $4.1B in March

Canada's trade deficit surges to record $4.1B in March

Canada's trade deficit surges to record $4.1B in March

Canada's trade deficit unexpectedly widened to a record in March as a surge in automobile imports outpaced a rebound for the nation's exporters. The trade gap widened to $57.7 billion in February, which was the highest level since October 2008.

The international-trade deficit in goods and services shrank 15.2% from a month earlier to a seasonally adjusted $48.96 billion in March, the Commerce Department said Thursday.

America and China are engaged in a tit-for-tat dispute over import tariffs, which has sparked volatility in markets since the scrap began in March.

Imports rose 6 percent to a record C$51.7 billion in March, while exports jumped 3.7 percent to C$47.6 billion. Real goods exports were the highest on record.

On the import said, Americans paid less to foreign companies for the licensing of intellectual property, and bought fewer foreign-made televisions, semiconductors and computers, helping drive USA imports down 1.8 per cent for the month to US$257.5 billion. Economists predicted the March figure would narrow to C$2.25 billion.

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According to the National Weather Service, thunderstorms are expected, with conditions that are favorable for severe storms. Basically, we think our next better chance for showers and storms may approach our area by the middle to end of next week.

Imports from the Netherlands (motor gasoline) and Germany (passenger cars and light trucks) were also significant.

The politically sensitive goods trade deficit with China dropped 11.6 percent to $25.9 billion, which will probably do little to ease tensions between the United States and China.

Imports from Mexico, which is locked in tense trade negotiations with the Trump administration, also hit a record at US$30 billion, sending the United States deficit with Mexico in goods alone to a record US$8.1 billion, up from US$6 billion in the prior month. Imports of capital goods fell by $1.5 billion, weighed down by declines in imports of computer accessories, telecommunications equipment and semiconductors. The economy grew at a 2.9 percent rate in the fourth quarter. In volume terms, imports rose 5.3 percent, which was the biggest increase since 2009. Bilateral trade was led by higher imports of passenger vehicles and higher exports of crude oil.

Another report from the Commerce Department showed factory goods orders rose 1.6 percent in March after a similar increase in February.

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