May 30, 2016 / 12:47 PM / a year ago

Canada first-quarter current account deficit widens on weak crude prices

OTTAWA (Reuters) - Canada’s current account deficit widened to C$16.77 billion ($12.90 billion) in the first quarter as weak crude oil prices dragged down the value of exports, Statistics Canada said on Monday.

People walk down Bay St in the heart of the financial district in downtown Toronto in this file photo taken on December 7, 2009. REUTERS/Mark Blinch

The shortfall matched a prediction by analysts in a Reuters poll. Statscan revised the deficit for the fourth quarter of 2015 to C$15.71 billion from an initial C$15.38 billion.

The deficit on international transactions in goods deepened to C$6.34 billion from C$5.04 billion. Overall, exports of goods dropped by C$1.49 billion to C$130.36 billion as soft crude prices cut the value of energy exports.

The overall deficit on international trade in services narrowed by $171 million to C$5.65 billion as U.S. residents increased their spending in Canada.

The deficit on cross-border investment income flows remained virtually unchanged at C$3.41 billion.

Reporting by David Ljunggren; Editing by Lisa Von Ahn

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