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Canada’s trade deficit jumped to a record high $3.02 billion in March from February as imports surged and weak crude prices helped curb exports, Statistics Canada data indicated on Tuesday.

Traders had forecast a deficit of $850 million. Statscan revised February’s deficit sharply higher to $2.22 billion from an initial $984 million, citing a sharp downward revision in energy exports.

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The value of exports, hit by a prolonged slump in the price of oil, edged up by 0.4 per cent to $42.50 billion. Exports of energy products fell by 8.9 per cent, largely offsetting an 11.7 per cent increase in shipments of motor vehicles and parts.

Excluding energy products, exports grew by 2.4 per cent in March.

Imports rose by 2.2 per cent to $45.52 billion as seven of 11 sectors increased. Imports of consumer goods soared by 7.9 per cent while imports of motor vehicles and parts advanced by 3.7 per cent.