Global Markets: Canadian, U.S. economies shrink

Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported on Wednesday that the country’s economy contracted by 0.2 per cent in February. Mining, oil and gas extraction, construction and quarrying were the main drivers of the decrease. There was also a 0.6 per cent decline in goods-producing industries. StatCan also estimated 0.1 per cent growth in March, as well as an annualized growth rate for the first quarter at 1.5 per cent.

– The United States economy suffered its first quarterly drop in three years as it contracted 0.3 per cent from January to March. There was a surge in imports as companies ordered goods from other countries before President Donald Trump imposed tariffs. By comparison, the U.S. economy grew 2.4 per cent from October to December.

– Reuters reported that Chinese used cooking oil exports which would have gone to the U.S. if it weren’t for tariffs, are being shipped to Europe, as well as Korea, Thailand, Malaysia and India. At least four sustainable aviation fuel facilities, which accept UCO as an ingredient, have recently opened in Thailand, Malaysia and Japan. Last year, China exported nearly three million tonnes of UCO worth US$2.64 billion, but exports are expected to drop this year as more product are diverted China’s sustainable aviation fuel industry.

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