加拿大3月贸易逆差收窄。商品出口小幅下降（-0.2%m/m），延续了2月份较大收缩（5.4%m/m）的下滑趋势。消费品出口（-4.2%m/m）和能源产品出口（-2.2%m/m）对月度下降贡献最大。

Canadian Trade Deficit Narrows in March.Merchandise exports edged lower (-0.2% m/m) continuing the slide from February's larger contraction (5.4% m/m). Exports of consumer goods (-4.2% m/m) and energy products (-2.2% m/m) contributed most to the monthly decline.

周二，标准普尔/多伦多证交所综合指数在24950点的涨跌之间徘徊，能源和原材料的强劲上涨被新的贸易战紧张情绪和关键政策会议前的防御性头寸所抵消。加拿大自然资源公司和Agnico Eagle领涨大宗商品综合指数，分别上涨1%和2%以上，石油和金属价格走强，但特朗普总统新的互惠关税威胁再次引发了人们的谨慎。投资者也在为美联储即将做出的利率决定做准备，并密切关注加拿大央行行长马克？卡尼在华盛顿举行的“艰难但富有建设性”的会谈。技术和金融落后于大盘，Shopify、TD？Bank、Brookfield Asset Management和Constellation Software均下跌0.6%至1.4%，突显出该指数对持续关税不确定性的敏感性。

The S&P/TSX Composite Index swung between gains and losses at the 24,950 mark on Tuesday, as robust gains in energy and materials were offset by renewed trade-war jitters and defensive positioning ahead of key policy meetings. Canadian Natural Resources and Agnico Eagle led the commodity complex—rising more than 1% and 2%, respectively—on firmer oil and metal prices, yet President Trump’s fresh reciprocal-tariff threats reignited caution. Investors also braced for the Federal Reserve’s forthcoming rate decision and monitored Bank of Canada Governor Mark?Carney’s “difficult but constructive” talks in Washington. Technology and financials lagged the broader market, with Shopify, TD?Bank, Brookfield Asset Management and Constellation Software each retreating between 0.6% and 1.4%, underscoring the index’s sensitivity to ongoing tariff uncertainty.

2025年3月，加拿大出口环比下滑0.2%，至699亿加元，此前2月大幅下降5.4%，达到11月以来的最低水平。最近的下降与美国对加拿大商品征收新关税的实施相一致。对美国的出口下降了6.6%，但这几乎被对非美国市场的出口反弹24.8%所抵消。显著增长包括对英国（原油）、荷兰和香港（原油）以及德国（杂项商品）的出口。按行业划分，11个产品类别中有6个下降，其中消费品（-4.2%）、肉类产品（-10.8%）、药品（-7.0%）和能源产品（-2.2%）是最大的拖累因素。

Canada’s exports slipped 0.2% month-over-month to CAD 69.9 billion in March 2025, following a sharp 5.4% drop in February and hitting the lowest level since November. The latest decline aligns with the implementation of new US tariffs on Canadian goods. Exports to the US fell by 6.6%, but this was nearly offset by a 24.8% rebound in shipments to non-US markets. Notable gains included exports to the UK (crude gold), the Netherlands and Hong Kong (crude oil), and Germany (miscellaneous goods). On a sectoral basis, six of eleven product categories declined, with consumer goods (-4.2%), meat products (-10.8%), pharmaceuticals (-7.0%), and energy products (-2.2%) among the largest drags.

2025年3月，加拿大的贸易逆差为5.1亿加元，较2月份的14.1亿加元有所收窄。由于渥太华对美国新征税的互惠关税，以及加拿大零售商和家庭对美国产品的自愿抵制，进口下降幅度大于出口，情况有所改善。进口下降1.5%，至704亿美元，这是自9月以来的首次下降，金属和非金属矿产品（-15.8%）和能源产品（-18.8%）下降。3月13日，加拿大对包括金属在内的美国商品征收25%的关税，导致从美国的进口下降2.9%。反过来，出口比上月下降0.2%，至699亿美元。由于对加拿大商品征收关税，对美国的出口下降了6.6%，尽管这被除美国以外的销售国家24.8%的激增所抵消。由于美国对该行业征收关税，金属和非金属矿产品的销售额下降（-3.2%），而消费品的销售额也下降（-4.2%）。

Canada posted a trade deficit of C$0.51 billion in March 2025, narrowing from the C$1.41 billion shortfall recorded in February. The improvement came as imports declined more sharply than exports, driven by Ottawa’s reciprocal tariffs in response to new U.S. levies, as well as a voluntary boycott of U.S. products by Canadian retailers and households. Imports fell by 1.5% to $70.4 billion, the first decline since September, amid drops in metal and non metallic mineral products (-15.8%) and energy products (-18.8%). Imports from the US fell by 2.9% as Canada placed a 25% tariff on US goods, including metals, on March 13th. In turn, exports fell by 0.2% from the previous month to $69.9 billion. Exports to the US sank by 6.6% amid their tariffs on Canadian goods, although this was offset by a 24.8% surge in sales countries excluding the US. Sales were lower for metal and non-metallic mineral products (-3.2%) amid US tariffs on the sector, while sales also fell for consumer goods (-4.2%).