Canada’s merchandise trade increased substantially in March with both imports and exports reaching record highs.
Following a 4.8 per cent increase in February, imports jumped a further 7.7 per cent to a record high of C$61.1 billion ($48 billion) in March, Xinhua news agency quoted Statistics Canada as saying on Wednesday.
Meanwhile, exports rose 6.3 per cent to C$63.6 billion, with energy products contributing more than half of the increase, said the national statistical office.
According to the agency, trade surplus with the US reached an all-time high with exports to America up by 7.7 per cent in March, largely because of higher exports of crude oil.
Meanwhile, imports from the US increased by 5.4 per cent, mainly because of higher imports of energy products and motor vehicles and parts.
As a result, Canada’s trade surplus with the US widened from C$10.9 billion in February to a record C$12.6 billion in March.
Imports from countries other than the US were up 11.5 per cent in March, reaching a record C$24.5 billion.
Canadian exports to other nations were up 1.9 per cent in March to C$14.4 billion, which also constituted a record.
In March, monthly service exports rose 2.9 per cent to C$11.9 billion and service imports increased 6.5 per cent to C$12.9 billion.
When international trade in goods and international trade in services were combined, exports increased 5.8 per cent to C$75.5 billion in March, while imports were up 7.5 per cent to C$74 billion, Statistics Canada said.