By Ovunc Kutlu
ISTANBUL (AA) - Canada's current account balance on a seasonally adjusted basis widened to a $5.4 billion deficit in the first quarter, the country's statistical agency said Thursday.
The deficit increased $0.9 billion from the previous quarter, Statistics Canada said in a statement.
The current account balance of the North American country has been in a deficit position for seven consecutive quarters, it said.
"This increase was led by the goods balance moving from a surplus into a deficit, which was largely offset by improvements in the services, investment income and transfers balances," said the statement.
The trade in goods and services balance posted a $4.7 billion deficit in the January-March period, which was a $2.8 billion increase from the fourth quarter of 2023, mostly due to a decline in exports of goods.
Exports of goods declined 1.3% to $191.7 billion in the first quarter, while exports of energy products fell 4.7% to $44.3 billion due to lower crude oil prices.
Imports of goods, meanwhile, were up 0.4% to $192.8 billion in the first three months of the year, led by imports of energy products with a rise of 4.5%, electronic products with a gain of 3.5% and consumer goods with a 1.4% increase.