(Ottawa) Canada’s merchandise imports fell 2.9% in March while exports fell 0.7%.

As a result, Statistics Canada reports that Canada’s merchandise trade balance with the world went from a revised deficit of $487 million in February to a surplus of $972 million in March.

Imports of consumer goods fell the most in March in Canada, by 11%, largely due to the 31.8% drop in imports of pharmaceutical products. A 5.2% decline in imports of electronic and electrical equipment and parts also contributed to the decline.

As for total exports of $63.6 billion in March, they were at their lowest level since February 2022. Statistics Canada observed that exports of energy products fell 5.9%, while exports of aircraft and other transportation equipment and parts increased by 30.8%.