06/19/2013 09:13 EDT | Updated 08/19/2013 05:12 EDT

Canada Net Foreign Debt Down $70.8B In Q1: Statistics Canada

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OTTAWA - Statistics Canada says the country's net foreign debt fell by $70.8 billion in the first quarter to $231.3 billion.

It says the improvement reflected the higher value of Canada's foreign assets, which increased more than borrowing did in the first three months of 2013.

The value of the country's international assets increased by $113.9 billion to $2.5 trillion by the end of the first quarter..

Changing exchange rates contributed an additional $16.3 billion to the value of international assets denominated in foreign currencies as the Canadian dollar declined two per cent against the U.S. dollar during the first quarter.

Canada's net international liabilities during the quarter increased by $43.2 billion to $2.7 trillion, due to investment inflows from abroad and higher prices on Canadian stock markets.

Canada's net liability position on securities fell$50.9 billion to $350 billion, largely as a result of a $71.3 billion increase in Canadian holdings of foreign equity. That was offset by a $20.5 billion increase in foreign holdings of Canadian securities.

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