Canada: Exports rise to record levels led by higher energy products

"Canada's merchandise trade balance with the world posted a $135 million deficit in March, narrowing from a $1.1 billion deficit in February. Exports rose 3.8% in March to a record high $47.0 billion, due to stronger exports of energy products and consumer goods. Imports were up 1.7% to $47.1 billion, mainly on higher imports of unwrought gold," the Statistics Canada announced on Thursday.

Key quotes:

• Exports rose 3.8% to a record high $47.0 billion in March, with increases in 8 of 11 sections, following a 2.5% decline in February
• Exports of energy products were up 7.0% to $8.7 billion in March on higher volumes. Natural gas exports (+31.6%) led the increase, which is attributable to unusually low temperatures in the northeastern United States in March
• Total imports were up for the fourth consecutive month, increasing 1.7% to $47.1 billion in March, with gains in 7 of 11 sections. Prices rose 1.9% while volumes edged down 0.2%.