Canada's account deficit shrinks by $3.3B in Q1
The Canadian Press
Published Thursday, May 29, 2014 9:17AM EDT
OTTAWA -- Statistics Canada says the country's current account deficit narrowed by $3.3 billion to $12.4 billion in the first quarter on a seasonally adjusted basis.
It says the increase was led by an improved balance of trade in goods, which recorded a first surplus in more than two years.
In the financial account, unadjusted for seasonal variation, increased foreign currency deposits placed by non-residents in Canada was, for a second straight quarter, the largest contributor to the inflow of funds into the Canadian economy.
The balance on international trade in goods posted a $1.6 billion surplus in the first quarter, following a $2.2 billion deficit in the previous quarter.
This was the first overall surplus since the end of 2011.
The trade surplus with the United States widened by $3.1 billion to $13.2 billion on the strength of exports of energy products, while the deficit with all other countries declined for a second consecutive quarter.