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Trade deficit grew to $1.4 billion in March: Statistics Canada

Statistics Canada says the country’s trade deficit grew to $1.4 billion in March as both exports and imports fell due to the COVID-19-related economic slowdown.

The agency says the result compared with a revised trade deficit of $894 million in February.

Economists had expected a deficit of $2 billion in March, according to financial markets data firm Refinitiv.

Statistics Canada says merchandise exports fell 4.7 per cent to $46.3 billion in March, the lowest level since January 2018, while imports fell 3.5 per cent to $47.7 billion, the lowest since October 2017.

Both exports and imports were down almost 10 per cent on a year-over-year basis.

In volume terms, March exports fell 4.8 per cent and imports dropped 5.8 per cent.