US trade deficit narrows in March

Canada trade deficit narrows sharply as energy, consumer exports surge

Canada trade deficit narrows sharply as energy, consumer exports surge

In April, the Bank of Canada lowered its export growth forecast to 2.5 percent over the next three months from around 3.0 percent in January due to the additional drag on global investment from uncertainty over US trade policy.

The US trade deficit drifted lower in March despite record imports from Mexico and a drop in total exports, the Commerce Department reported on Thursday (May 4). Statscan revised February's deficit to C$1.08 billion from an initial C$972 million. Imports of services decreased less than $0.1 billion to $43.0 billion in March.

Even with the cooling of exports and imports during the month, the outlook for global trade looks relatively stable.

Consumer goods exports also gained ground, climbing 6.8 per cent to $6.1 billion.

On a regional basis, Canada's trade surplus with the United States slipped to $4 billion in March compared with $4.5 billion in February.

Imports grew 1.7 percent to C$47.11 billion on higher inward flows of metal and non-metallic mineral products, particularly unwrought gold from Japan.

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A shrinking trade deficit adds to economic growth. The report noted that the import loss reflected a 15.8 percent decline in energy product prices.

Year-to -date, the goods and services deficit increased 7.5 percent compared with the same period in 2016.

On the service part, Exports of services increased $0.4 billion to $64.7 billion in March, at the same time imports of services decreased less than $0.1 billion to $42.9 billion in March.

President Donald Trump was elected on a pledge to reduce America's trade deficits, which he blames on unfair trade practices by China and other countries.

Imports from Mexico hit $28.1 billion, their highest on record, pushing the deficit with the southern neighbor to its highest level in almost 10 years.

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