BUSINESS

Current account deficit down $500 million in Q1: StatsCan

05/30/2013 08:51 EDT | Updated 07/30/2013 05:12 EDT
OTTAWA - Statistics Canada says the country's Canada's current account deficit on a seasonally adjusted basis shrank by $500 million to $14.1 billion in the first quarter.

The agency says the change largely reflected lower deficits on trade in goods and services.

It says the deficit on trade in goods declined by $400 million in the quarter to $1.7 billion as both exports and imports strengthened, with exports recording a larger increase.

The goods surplus with the United States remained at $11.2 billion, reflecting corresponding increases in both exports and imports.

The deficit on trade in services was reduced by $200 million to $5.8 billion, with lower payments on trade in commercial services and higher receipts on transportation services accounting for most of the changes.

The travel deficit remained at $4.3 billion.