Canada's current account deficit (on a seasonally adjusted basis) rose by $3.0 billion in the first quarter to $19.5 billion. Higher deficits on trade in goods and investment income were the main contributors to this increase.

In the financial account (unadjusted for seasonal variation), foreign direct investment activity was the largest contributor to the inflow of funds in the economy in the quarter.

The deficit on international trade in goods and services increased by $1.2 billion to $15.2 billion in the first quarter, the largest deficit since the second quarter of 2016.

The goods deficit rose by $1.5 billion from the previous quarter to $9.0 billion. The goods surplus with the United States decreased by $2.7 billion on higher imports. Meanwhile, the deficit with non-US countries narrowed by $1.3 billion to $16.0 billion, mainly reflecting a higher surplus with United Kingdom and lower deficits with Korea and the Netherlands.