Canada's current account deficit (on a seasonally adjusted basis) widened by $2.3 billion in the first quarter to $14.1 billion, as the goods balance moved from a surplus to a deficit.

In the financial account (unadjusted for seasonal variation), large foreign investment in Canadian corporate securities led the net inflow of funds into the economy.

The balance on international trade in goods posted a $1.8 billion deficit in the first quarter, following a $0.1 billion surplus in the previous quarter.

On a geographical basis, the goods deficit with non-US countries was up $2.3 billion, mainly reflecting higher deficits with Brazil, Netherlands, Germany and Hong Kong. Meanwhile, the surplus with the United States, led by stronger exports of energy products, increased $0.5 billion in the first quarter.

Total exports of goods rose $2.2 billion to $138.5 billion in the first quarter. Energy products, led by crude petroleum, were the major contributor, with exports up $2.5 billion as prices reached their highest level since the end of 2014