The US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce, reported that total March exports of $184.3 billion and imports of $223.1 billion resulted in a goods and services deficit of $38.8 billion, down from $43.6 billion in February, revised. March exports were $1.7 billion less than February exports of $186.0 billion. March imports were $6.5 billion less than February imports of $229.6 billion. In Q1 2013, US exports totaled $554.7 billion, the highest quarterly total on record.
Meanwhile, Statistics Canada reported that Canada's merchandise exports increased 5.1 percent in March and imports rose 1.7 percent. As a result, Canada's trade balance went from a deficit of $1.2 billion in February to a surplus of $24 million in March. Exports grew to $40.5 billion in March, and have been on an upward trend since July 2012. Imports rose for a third consecutive month to reach $40.4 billion, their second highest value on record. The main contributors to the monthly increase were energy products and metal and non-metallic mineral products.
Exports to the United States rose 4 percent to $29.5 billion in March, on higher exports of motor vehicles and parts and energy products. Imports from the United States were up 2 percent to $25.6 billion, a third consecutive monthly advance. Consequently, Canada's trade surplus with the United States increased from $3.2 billion in February to $3.8 billion in March.
