According to Statistics Canada, Canada's merchandise imports decreased 2.9 percent in March, while exports were down 0.7 percent. As a result, Canada's merchandise trade balance with the world moved from a revised $487 million deficit in February to a $972 million surplus in March.
Total imports decreased 2.9 percent in March to $62.6 billion, the lowest level observed since March 2022. In real (or volume) terms, imports fell 5.3 percent in March 2023.
Total exports decreased 0.7 percent in March to $63.6 billion, the lowest level since February 2022. In real (or volume) terms, exports edged up 0.1 percent in March 2023.