Canada's Trade Surplus Narrows as Imports Surge More Than Exports

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Canada's trade surplus with the world narrowed to C$2.49 billion in March from February, missing analyst expectations, as imports rose more than exports, and February's surplus was revised up, data from Statistics Canada showed on Wednesday, Reuters reported. Despite the miss, the data was broadly positive for Canada's economy, as exports surged to a fresh high and record imports pointed to buoyant consumer demand, said economists. Two-way auto trade was also strong, a sign supply-chain woes are easing. "We may not have seen the big increase in trade surplus that was expected, but today's figures are still positive from the point of view of overall economic growth," said Andrew Grantham, senior economist at CIBC Capital Markets, in a note. Exports jumped 6.3% to C$63.63 billion, driven mostly by high prices for energy products, Statscan said. Crude oil prices surged in March, as Russia's invasion of Ukraine led to uncertainty around global supply. The conflict in Ukraine also helped bolster exports of metal ores and non-metallic minerals, notably potash and iron ore. Read more.
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