(RTTNews) - Canada's current account deficit with the rest of the world narrowed in the first quarter, led by a larger trade in goods surplus, official data showed Friday.
Still, it was the sixth consecutive quarter that Canada has run a current account deficit.
The nation's seasonally adjusted deficit on current transactions narrowed to C$7.8 billion, down from a current account deficit of C$10.2 billion in the fourth quarter of 2009, according to Statistics Canada.
The current account deficit report provides Canada's overall balance in international dealings in merchandise trade, services and investment income.
A larger deficit of C$9 billion was expected by economists.
Cross-border financial transactions generated continued inflows of foreign funds to the Canadian economy, though less than the previous quarter, and was led again by purchases of Canadian securities, the agency noted.
Non-residents have made large acquisitions of Canadian securities since the outset of 2009, mainly longer-term debt instruments.
The goods surplus stood at $1.7 billion in the first quarter, up from $0.4 billion the previous quarter, following two quarters of deficits. Exports advanced more than imports.
These gains were largely on trade with the United States, as the bilateral goods surplus with the United States has expanded for the last two quarters, Stats Canada said.
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