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June 6, 2019

Canadian trade deficit narrowed to $966 million in April

Statistics Canada announced that the country's merchandise trade deficit with the world narrowed from $2.3 billion in March to $966 million in April, the lowest deficit since October 2018.

The Federal agency says total exports rose by 1.3% to $50.7 billion. Exports of metal and non-metallic mineral products were up 15.0% to $5.7 billion. Exports of farm, fishing and intermediate food products (+5.1%) also contributed to the increase. Partially offsetting the overall increase in April were lower exports of motor vehicles and parts (-4.6%), mostly on decreased exports of passenger cars and light trucks.

Total imports were down 1.4% in April to $51.7 billion. Imports of aircraft and other transportation equipment and parts declined 23.6% to $1.9 billion. Imports of consumer goods declined 3.0% to $10.6 billion. Partially offsetting the overall decrease, imports of energy products rose 10.7% to $3.5 billion.

On a per country perspective, Canada's trade deficit with countries other than the United States narrowed from a record $6.8 billion in March to $5.2 billion in April.

Exports to those countries increased 2.4% to $12.9 billion in April, mainly on higher exports to Hong Kong (gold). Gains were also observed in exports destined for China (copper), Norway (nickel) and Indonesia (wheat). Imports from countries other than the United States fell 7.0% in April to $18.1 billion. Lower imports from China (various products) and Saudi Arabia (crude oil) contributed the most to the widespread decrease.

Imports from the United States were up 1.9% to $33.6 billion in April, while exports increased 0.9% to $37.8 billion. As a result, Canada's trade surplus with the United States narrowed from $4.5 billion in March to $4.2 billion in April.


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