OTTAWA: Canada's trade deficit jumped to a record high C$3.02 billion ($2.50 billion) in March from February as imports surged and weak crude prices helped curb exports, Statistics Canada data indicated on Tuesday.
Traders had forecast a deficit of C$850 million. Statscan revised February's deficit sharply higher to C$2.22 billion from an initial C$984 million, citing a sharp downward revision in energy exports.
The value of exports, hit by a prolonged slump in the price of oil, edged up by 0.4 percent to C$42.50 billion. Exports of energy products fell by 8.9 percent, largely offsetting an 11.7 percent increase in shipments of motor vehicles and parts.
Excluding energy products, exports grew by 2.4 percent in March.
Imports rose by 2.2 percent to C$45.52 billion as seven of 11 sectors increased. Imports of consumer goods soared by 7.9 percent while imports of motor vehicles and parts advanced by 3.7 percent.
Exports to the United States, which accounted for 74.0 percent of Canada's global total in March, fell by 1.7 percent, while imports dropped 0.9 percent. As a result, the trade surplus with the United States rose to C$2.18 billion from C$1.95 billion in February.
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