Oil shrink current account gap: Canada

OTTAWA: Canada's current account deficit narrowed in the first quarter on strong exports of energy products to the United States, Statistics Canada said on Monday.

The deficit shrank to C$8.9 billion ($9.1 billion) from C$10.3 billion in the previous quarter, according to Statscan's revision from the previously reported C$11.1 billion shortfall.

The overall surplus in trade in goods widened by C$1.3 billion from the previous quarter, and the goods surplus with the United States rose to its highest since the third quarter of 2008 as the neighboring country bought record volumes of Canadian oil. Exports of crude oil jumped C$3.6 billion in the period.

The services deficit widened by C$0.2 billion on travel, as the stronger currency enticed more Canadians to cross the border and discouraged Americans from visiting Canada.

The deficit on investment income narrowed by C$0.4 billion as Canadian direct investors' earnings from abroad rose $1=$0.98 Canadian

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