Canada's trade deficit narrowed markedly in March, bolstered by a significant gain in exports of energy and food products to Asia.
Exports rebounded in March, posting their strongest performance in four months and retracing all of February's decline.
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Canada recorded a merchandise trade deficit with the rest of the world in March of 135 million Canadian dollars ($98.4 million), Statistics Canada said on Thursday. Market expectations were for a larger C$1 billion trade deficit, according to economists at Royal Bank of Canada.
The previous month's figures were also revised, and suggest a wider trade deficit for Canada in February of C$1.08 billion versus the earlier estimate of C$972 million.
In March, exports advanced 3.8% to C$46.98 billion, or a record level. Meanwhile, imports rose 1.7% to C$47.11 billion, on higher prices.
In volume, or price-adjusted, terms, exports climbed 2.5% and imports fell 0.2%.
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(END) Dow Jones Newswires
May 04, 2017 08:45 ET (12:45 GMT)