Canada’s int’l trade drops in March

Ottawa, May 5 (IANS) Canada’s merchandise imports and exports were down in March, the national statistical agency said.

Statistics Canada said on Thursday that the country’s total monthly imports of goods decreased 2.9 per cent from February to C$62.6 billion, and total exports of goods were down 0.7 per cent to C$63.6 billion, reports Xinhua news agency.

Imports of consumer goods decreased 11 per cent in March, mainly because of lower imports of pharmaceutical products.

In February, large quantities of drugs unrelated to Covid-19 were imported, and these shipments did not repeat in March, causing a sharp drop for the month.

Most notable export declines were observed in energy products, mainly because of lower exports of crude oil.

While this was mostly the result of lower prices, crude oil export volumes also decreased in March.

According to the agency, exports of services were up 0.2 per cent to C$14 billion, as an increase in commercial services was moderated by a decline in travel services.

Imports edged up 0.1 per cent to C$16 billion, reflecting higher commercial services, which was partially offset by lower transportation services.

Canada’s total exports were down 0.3 per cent in the first quarter of 2023, mainly because of lower prices.

Meanwhile, quarterly imports edged down 0.2 per cent.

However, in real terms, quarterly exports increased 3.5 per cent, while imports decreased 0.4 per cent, Statistics Canada said.