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Canada’s international trade deficit is likely to have narrowed down in March. According to a TD Economics report, the trade deficit is expected to have narrowed to CAD 0.90 billion in March from February’s deficit of CAD 0.97 billion. The projections assume a moderate rise in nominal exports that is expected to have partly countered by a more modest rise in import activity.
Export growth is likely to have been driven by an improvement in non-energy exports, which are coming off a 2.5 percent fall in January, while energy exports would be weighed on by a sharp fall in the price of crude oil.
Exports to the U.S. are expected to have been benefited from a continued rebound in new manufacturing orders as well as a weaker Canadian dollar. Meanwhile, a strong labor market is expected to underpin imports of consumer goods. Also, imports of machinery and equipment might show new signs of a rebound in business investment, added TD Economics.
