Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $310 million in January and went way down to $96 million in February, were back up to $141 million in March. Canadian imports from Belgium on the other hand, which came to $110 million in January and were up in February to $135 million, went back down to $126 million in March. As we can see from this, our bilateral trade fluctuates a lot and it will be interesting to see how it will evolve.
Overall Canadian imports increased 2.2% in March but exports were up only 0.4%, so Canada’s international trade deficit widened from $2.2 billion in February to a record $3 billion in March. Imports rose to $45.5 billion in March, as 7 of 11 sections increased, led by imports of consumer goods (+7.9%) and motor vehicles and parts (+3.7%) while imports of aircraft and other transportation equipment and parts declined 8.4%. Exports edged up to $42.5 billion, with increased exports of motor vehicles and parts (+11.7%) mostly offset by a decline in exports of energy products (-8.9%).
Canadian imports from the United States fell 1.7% to $29.3 billion, while imports from other countries increased 10% to $16.3 billion, mainly due to higher imports from China. Canada’s exports to the United States declined 0.9% to $31.4 billion but exports to other countries rose 4.2% to $11.1 billion, led by higher exports to Japan and Switzerland. Consequently, Canada’s trade surplus with the United States widened from $1.9 billion in February to $2.2 billion in March, while the trade deficit with other countries widened from $4.2 billion to $5.2 billion.
Meantime, Canada’s largest trading partner, the United States, recorded a goods and services deficit of $51.4 billion in March, up from $35.9 billion in February. U.S. March exports stood at $187.8 billion and imports at $239.2 billion. Exports of capital goods increased the most, thanks to civilian aircraft and electric apparatus, while consumer goods led the increase in imports.
The U.S. had surpluses with South and Central America while deficits were recorded with China, the European Union, Japan, Mexico , South Korea, India and, as we know, with Canada.
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Sources : Statistics Canada, U.S. Census Bureau