Statistics Canada says merchandise trade surplus $972 million in March

OTTAWA –

Statistics Canada says the country posted a merchandise trade surplus in March of $972 million as imports fell more than exports.

The agency says the surplus compared with a revised deficit of $487 million in February. The initial reading for February released last month had indicated a surplus of $422 million.

The reading for March came as total imports for the month fell 2.9 per cent to $62.6 billion, the lowest level observed since March 2022.

Imports of consumer goods fell 11.0 per cent, mainly because imports of pharmaceutical products dropped 31.8 per cent. Imports of electronic and electrical equipment and parts lost 5.2 per cent.

Meanwhile, total exports fell 0.7 per cent to $63.6 billion, the lowest level since February 2022. Exports of energy products dropped 5.9 per cent in the month, mainly because of lower exports of crude oil as both prices and volumes were lower in March.

In volume terms, overall imports were down 5.3 per cent in March, while exports edged up 0.1 per cent.

This report by The Canadian Press was first published May 4, 2023.