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The
deficit, far greater than a C$1.40 billion shortfall forecast by
analysts in a Reuters poll, reflects prolonged challenges facing
an economy hobbled by low oil prices. Statscan revised
February's deficit to C$2.47 billion from an initial C$1.91
billion.
March exports fell by 4.8 percent to C$40.99 billion, the lowest
in more than two years. Shipments declined in 10 of 11 sectors,
led by motor vehicles and parts, consumer goods and metal and
non-metallic products.
Imports decreased by 2.4 percent to C$44.40 billion, pulled down
by lower shipments of consumer goods, aircraft and other
transportation equipment.
Exports to the United States, which accounted for 74.2 percent
of Canada's global total in March, fell by 6.3 percent while
imports dropped by 4.8 percent. As a result, Canada's trade
surplus with the United States dropped to a 22-year low of
C$1.53 billion, down from C$2.12 billion in February.
The Bank of Canada said on April 20 it could take Canada more
than three years to recover from the oil price shock.
(Reporting by David Ljunggren; Editing by Bernadette Baum)
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