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June 5, 2017
Canada posted a $370 million trade deficit in April
Statistics Canada announced that the country's merchandise trade balance with the world posted a $370 million deficit in April.
Total exports rose 1.8% to a record high $47.7 billion. Exports of motor vehicles and parts were up 4.4% in April to $8.1 billion and exports of energy products were up 2.5%, to $8.8 billion. Exports of forestry products and building and packaging materials rose 4.7% to $3.7 billion.
Total imports rose 0.6% to a record high $48.1 billion in April, a fifth consecutive monthly increase. Increased imports of consumer goods, electronic and electrical equipment and parts, and basic and industrial chemical, plastic and rubber products accounted for the April increase.
According to the federal agency, March exports to countries other than the United States declined 7.8% in April to $11.6 billion, partially offsetting a gain in exports to the United States. Lower exports to the United Kingdom (unwrought nickel and gold), China (unwrought gold), Spain (crude oil and iron ores) and Switzerland (unwrought gold) contributed most to the decline.
Imports from countries other than the United States edged down 0.2%, as widespread declines were partially offset by higher imports from Norway (crude oil and energy transmission cables) and Turkey (crude oil). As a result, Canada's trade deficit with countries other than the United States widened from $4.4 billion in March to $5.3 billion in April.
Exports to the United States rose 5.4% to a record high $36.1 billion in April, mostly on passenger cars, natural gas and softwood lumber. Imports from the United States were up 1.1% to $31.1 billion. As a result, Canada's trade surplus with the United States widened from $3.4 billion in March to $5.0 billion in April.
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