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Canadian current account deficit widens in Q1

The Canadian account deficit widened by C$2.3 billion, to C$14.1 billion in the first quarter as the balance on international trade in goods posted a deficit following a surplus in the prior quarter, Statistics Canada said May 30.

The goods balance registered a C$1.8 billion deficit in the first quarter, compared with a C$100 million surplus in the previous quarter. The goods deficit comprises a C$2.3 billion deficit with non-U.S. countries and a C$500 million surplus with the U.S.

Total exports of goods rose to C$138.5 billion, while total imports climbed by C$4.0 billion, to C$140.3 billion in the first quarter.

The overall deficit on international trade in services rose C$300 million in the first quarter to C$5.7 billion as the commercial services surplus went down.

Foreign investment in Canadian securities came in at C$60.7 billion in the first quarter, compared with C$33.5 billion in the previous quarter.