US trade deficit narrows in March

US trade deficit narrows in March

Economists surveyed by The Wall Street Journal had expected a $44.5 billion trade deficit in March.

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 Thursday.

The trade gap slipped 0.1 percent in March to $43.7 billion, seasonally adjusted.

Consumer goods exports also gained ground, climbing 6.8 per cent to $6.1 billion.

Imports of goods decreased $1.7 billion to $191.8 billion, mostly due to a decrease in capital goods, which fell by $0.9 billion.

Volumes increased by 2.5% and prices by 1.3%. Exports of food and beverages increased slightly, up $0.18 billion after falling $0.81 billion in February. Imports had risen in recent months on higher oil prices. Imports of goods from China increased 4.4 percent to $34.2 billion in March, boosted by cellphones.

China's imports and exports are expected to stabilise and improve in the near future, the Ministry of Commerce said in its quarterly report on trends in the country's foreign trade.

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The group said export orders at US service providers climbed quickly in April.

"We are seeing some improvement, and this validates the Bank of Canada's decision to embrace a more optimistic take on the outlook", said Mr. Jean, adding the central bank will remain prudent amid developments on trade policy in Washington. "The advance data pointed to a small increase in the deficit".

Excluding energy exports, Canadian exports rose 3.1%.

President Donald Trump was elected on a pledge to reduce America's trade deficits, which he blames on unfair trade practices by China and other countries.

American producers are benefiting from greater global demand for USA -made goods and services. For all of previous year, the gap exceeded $500 billion.

How will Trump's trade tirade affect the average Canadian? .

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