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ShareOTTAWA -- Falling prices for energy products dragged down Canada's merchandise exports slightly, by 0.7 percent in March, while imports grew 2 percent on the strength of precious metals.
Overall, reports Stats Canada, exports decreased to $33.5 billion in March from $33.8 billion in February, halting six consecutive months of increases. Export prices fell 2.9 percent, while volumes grew 2.3 percent.
Energy products accounted for the decline as their prices fell 6.9 percent. Excluding energy, overall exports increased 1.3 percent thanks to gains in forestry and industrial goods, although machinery and equipment shipments also declined.
Precious metals led the growth of imports, the fourth increase in five months, with volumes increased 3.5 percent, while prices decreased 1.5 percent.
Exports and imports to the United States both fell in March. (Exports down by 2.5% and imports by 0.6%).
As a result, Canada's trade surplus with the U.S. narrowed to $3.8 billion in March from $4.3 billion from the month before.
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