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June 11, 2010

Canadian exports were slightly down in April

Statistics Canada announced this week that the country's merchandise exports declined 1.0% while imports fell 2.2% in April. As a result Canada's trade balance with the world went from a deficit of $236 million in March to a surplus of $175 million in April.

Exports decreased from $33.3 billion in March to $32.9 billion in April, the second consecutive monthly decline. Industrial goods and materials accounted for three-quarters of the decline in exports. Widespread gains in exports of machinery and equipment moderated the overall decrease.

Following two months of growth, imports declined from $33.5 billion in March to $32.8 billion in April. The decrease in overall imports in April reflected declines in industrial goods and materials and, to a lesser extent, in other consumer goods, and machinery and equipment.

Exports to the United States rose 0.7% while imports grew 0.9%. As a result, Canada's trade surplus with the United States remained at $3.8 billion in April.

Exports to countries other than the United States declined 5.5%, largely the result of a 23.4% decline in exports to the European Union. Imports fell 7.0%, led by decreases in precious metals from the European Union. Consequently, Canada's trade deficit with countries other than the United States narrowed to $3.6 billion in April from $4.0 billion in March.

(Source: Statistics Canada)