Canada posts record trade deficit

Canada hit a record Can$3.0 billion (US$2.5 billion) deficit in March amid slumping energy exports, the government statistical agency said Tuesday.

Total imports increased 2.2 percent in the month while exports edged up 0.4 percent, according to Statistics Canada.

The resulting trade deficit widened from a revised Can$2.2 billion shortfall in February, originally reported as Can$984 million.

Analysts had forecast an Can$800 million deficit in March.

Statistics Canada said imports of consumer goods were up for a fourth consecutive month, led by shoes and clothing purchases.

Imports of passenger cars and trucks also increased in March while aircraft imports were lower.

Meanwhile Canada exported more passenger cars and light trucks.

Exports of refined petroleum energy products, crude oil and bitumen, and natural gas were also down 8.9 percent.