The country's total monthly imports of goods decreased 2.9 percent from February to 62.6 billion Canadian dollars (46.3 billion U.S. dollars), and total exports of goods were down 0.7 percent to 63.6 billion Canadian dollars (47.1 billion U.S. dollars), the national statistical agency said.
Imports of consumer goods decreased 11 percent in March, mainly because of lower imports of pharmaceutical products. In February, large quantities of drugs unrelated to COVID-19 were imported, and these shipments did not repeat in March, causing a sharp drop for the month.
Most notable export declines were observed in energy products, mainly because of lower exports of crude oil. While this was mostly the result of lower prices, crude oil export volumes also decreased in March.
According to the agency, exports of services were up 0.2 percent to 14 billion Canadian dollars (10.4 billion U.S. dollars), as an increase in commercial services was moderated by a decline in travel services. Imports edged up 0.1 percent to 16 billion Canadian dollars (11.8 billion U.S. dollars), reflecting higher commercial services, which was partially offset by lower transportation services.
Canada's total exports were down 0.3 percent in the first quarter of 2023, mainly because of lower prices. Meanwhile, quarterly imports edged down 0.2 percent. However, in real terms, quarterly exports increased 3.5 percent, while imports decreased 0.4 percent, Statistics Canada said.
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