Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $312 million in January and went down to $147 million in February, were down again in March to $124 million. Canadian imports from Belgium on the other hand, amounting to $145 million in January and to $164 million in February, went up to $237 million in March. As we can see, our bilateral trade has its ups and downs and it will be interesting to follow its evolution in the coming months.
Overall Canadian exports fell 4.8% to $41 billion in March while imports declined 2.4% to $44.4 billion, widening Canada’s trade deficit with the world from $2.5 billion in February to a record $3.4 billion in March. Canadian exports decreased in 10 of 11 sections, with motor vehicles and parts (-6%), consumer goods (-4.6%) and metal and non-metallic mineral products (-5.4%) decreasing the most.
Canadian imports declined in 8 of 11 sections, the decreases led by consumer goods (-4.6%) and aircraft and other transportation equipment (-20.4%) but these were partially offset by higher imports of energy products (+13.5%).
Geographically, Canada’s exports to the United States fell 6.3% while imports were down 4.8%, narrowing the trade surplus with the U.S. from $2.1 billion in February to $1.5 billion in March, the lowest surplus since December 1993. Exports to other countries were down 0.2% while imports increased 2.2% and as a result, the Canadian trade deficit with countries other than the U.S. widened from $4.6 billion in February to $4.9 billion in March.
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Source: Statistics Canada