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June 7, 2018
Canada's trade deficit narrowed to $1.9 billion in April
Statistics Canada announced that the country's merchandise trade deficit narrowed from $3.9 billion in March to $1.9 billion in April.
The federal agency reports that total exports increased 1.6% to a record $48.6 billion in April, the sixth increase over the past seven months. Exports of metal and non-metallic mineral products increased 9.1% to $5.8 billion. Exports of consumer goods, up 5.4% to $6.2 billion in April, also contributed to the overall increase. Exports of pharmaceutical and medicinal products rose 33.3% and exports of energy products increased 2.3%, the eighth monthly increase in nine months.
After reaching a record high in March, imports fell 2.5% in April to $50.5 billion. Following two months of strong increases, imports of motor vehicles and parts decreased 5.8% to $9.7 billion. Imports of consumer goods also contributed to the overall decrease, down 4.9% to $10.5 billion in April. Pharmaceutical and medicinal products were down $228 million. These declines were partially offset by higher imports of energy products, up 8.5% to $3.4 billion.
On a per country basis, exports to the United States were up 3.2% to $36.1 billion in April, notably on higher exports of crude oil and crude oil bitumen. Imports from the United States decreased 1.4% to $32.5 billion, mostly on lower imports of passenger cars and light trucks. Consequently, after five monthly contractions, Canada's merchandise trade surplus with the United States widened to $3.6 billion in April (from $2.0 billion in March).
Exports to countries other than the United States decreased 3.0% to $12.5 billion in April, mainly on lower shipments to the United Kingdom (crude oil), Saudi Arabia (other transportation equipment), Japan (coal) and South Korea (aircraft and coal). Imports from countries other than the United States fell 4.3% to $18.0 billion in April, mainly on lower imports from China (computers). As a result, Canada's trade deficit with countries other than the United States narrowed from $6.0 billion in March to $5.5 billion in April.
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