加拿大3月贸易逆差缩窄，加元稳步升值

Trade Data Summary - In March, Canada's trade deficit was 506 million CAD, a decrease from 1.4 billion CAD in February, with both imports and exports declining [1] - Total imports in March were 70.4 billion CAD, down 1.5%, while exports were 69.9 billion CAD, down 0.2% [1] - Year-over-year, March exports increased by 10.2%, with actual export volume growing by 1.8% [1] Export and Import Analysis - Exports to the U.S. fell by 6.6% due to new tariffs, but exports to other countries surged by 24.8%, partially offsetting the decline [1] - The largest decline in exports was in consumer goods, particularly meat and pharmaceuticals, while energy products also saw a decrease [1] - Notably, automotive exports grew by 7.7%, driven by increased shipments of passenger cars and light trucks [1] Economic Indicators - In the first quarter of 2025, exports reached a record high of 214 billion CAD, with imports at 212.8 billion CAD, resulting in a trade surplus of 1.2 billion CAD [1] - The Bank of Canada has implemented two interest rate cuts in early 2025, reducing the benchmark rate from 3.25% to 2.75% to stimulate economic activity [2] - The Canadian dollar showed a stable appreciation trend against the U.S. dollar in the first four months of 2025, with fluctuations between 0.64% and 0.86% [4]