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Free AccessMNI 5 THINGS:Cdn Trade Gap At Record High On Strong Imports>
--5 Things We Learned From Canadian Merchandise Trade Data
By Yali N'Diaye
OTTAWA (MNI) - The following are the key points from the March data
on the Canadian merchandise trade data released Thursday by Statistics
Canada:
- The goods trade deficit widened to a record C$4.1 billion in
March, while analysts in a MNI survey had expected a gap of C$2.3
billion. Import growth (+6.0%) far outpaced export growth (+3.7%) during
the month.
- Imports reached a record C$51.7 billion, supported by strong
volumes (+5.3%). Gains were widespread across 9 of 11 categories, led by
motor vehicles and parts (+8.3%) and consumer goods (+7.7%). Imports
excluding autos and parts rose 5.4% and they increased 5.5% excluding
consumer goods for which the gain was "atypical".
- Exports were also widespread, led by aircraft and other
transportation equipment (+24.3%), farm, fishing and intermediate food
products (+14.7%), and energy (+4.2%). Exports excluding energy rose
3.6% on the month after a 1.0% gain in February. Regionally, exports to
the U.S. rose 1.2% and imports were up 3.1%, shrinking the trade surplus
with the U.S. to C$1.7 billion, the smallest since June 2016. The
deficit with non-US countries widened to C$5.8 billion from C$5.2
billion.
- In real terms, exports rose 3.0% in March, but only edged up 0.3%
in the first quarter after rising just 0.6% in the fourth quarter 2017.
Real imports rose 1.5% in the first quarter after a 1.6% gain, leading
the real trade deficit to widen to C$5.4 billion from C$4.0 billion.
- While March deficit was much wider than expected, it did not
challenge the Bank of Canada's scenario of a strengthening in exports,
since the latter still accelerated (+3.7% after +0.3% in February). In
addition, imports of industrial machinery and equipment and parts rose a
further 3.2% after a 2.1% advance in February, a positive sign for
investment activity in Canada. That being said, the data did not bode
well for net export contribution to the first quarter GDP.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.