July 3, 2019
Canadian trade balance reaches surplus in May
Statistics Canada announced that the country's trade balance with the world was in a surplus position in May. The $762 million surplus in May followed a $1.1 billion deficit in April. Exports rose 4.6%, in part due to an increase in exports of motor vehicles. Imports were up 1.0%, mainly on higher imports of aircraft.
The Federal agency says total exports climbed to a record $53.1 billion. Exports of motor vehicles and parts were up 12.4% $8.4 billion. Exports of aircraft and other transportation equipment and parts (+33.0% to $2.9 billion) also contributed to the overall increase. Exports of energy products rose 5.0% in May to $10.8 billion.
Total imports rose to $52.3 billion. Imports of aircraft and other transportation equipment and parts rose 14.2% to $2.2 billion. Imports of motor vehicles and parts increased 1.6% in May to $9.8 billion.
On a per country perspective, Canada's trade deficit with countries other than the United States narrowed from $5.5 billion in April to $5.2 billion in May.
Exports to those countries rose 7.3% to a record $13.8 billion, partly due to an increase in exports to Saudi Arabia. Imports from countries other than the United States rose 3.7% in May to $19.0 billion.
Exports to the United States rose 3.7% to a record $39.3 billion in May. Imports from the United States declined 0.5% to $33.3 billion. As a result, Canada's trade surplus with the United States widened from $4.4 billion in April to $5.9 billion in May.