Canada increases imports in exchange for exports more; Deficit score |

With a larger diameter in importsCanada It posted a commodity trade deficit of 1140 million Canadian dollars, it was reported Tuesday Statistics Canada.

In March, Canada’s foreign purchases increased 5.5%, while exports increased 0.3%.

As a result, after two consecutive monthly trade surpluses, Canada’s merchandise trade balance has returned to deficit.

Most recently, in February 2021, Canada posted a $ 1.4 billion surplus.

On the other hand, imports of energy products (+ 54.7%) recorded the highest increase in March.

Since the decline observed in May 2020, imports of energy products have remained well below pre-pandemic levels and were 25% below their level in January 2020, when imports of these products peaked.

In more detail, imports of refined petroleum products were the most contributing to the monthly growth, rising from $ 279 million in February to $ 726 million in March, as a result of higher imports. gasoline From the engine.

Crude oil imports also increased (+ 19.4%), topping $ 1 billion for the first time since September 2020.

Imports

In particular, part of the increase in imports of gasoline and crude oil in Texas, which was affected by severe weather and blackouts in February.

After falling 6.6% in February, auto and parts imports increased 4.6% in March.

The drop in February was a result of slowing production and the shutdown of many assembly plants North America Because of the global shortage of semiconductor chips.

Although the shortage continued in March, the slowdown in production at assembly plants in general had more moderate impacts, leading to increased imports of engines and auto parts (+ 9.2%) and cars and trucks (+ 2.7%).

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Despite the monthly growth, auto and parts imports decreased by 4.2% in the first quarter of 2021.

exports

Total overseas sales increased by 0.3% in March to reach 50.6 billion Canadian dollars, and were 14.4% higher than in March 2020.

Exports of non-energy products rose 2.0%, to 41.2 billion, the third-highest level on record.

In real terms (or volume), total exports decreased by 0.3 percent.


After falling 11.5% in February, auto and parts exports increased 10.2% in March.

At home, exports of cars and trucks (+ 12.8%) were the biggest contributors to the increase, as the slowdown in production was lower in March than in February.

These slowdowns are expected to worsen and may have a bigger impact on exports in April. Exports of automobiles and parts decreased by 6.2% in the first quarter of 2021.


Sacha Woodward

"Wannabe writer. Lifelong problem solver. Gamer. Incurable web guru. Professional music lover."

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