In April, Canada's merchandise exports increased 2.6%, while imports rose 1.1%. As a result, Canada's merchandise trade deficit with the world narrowed from $2.0 billion in March to $1.0 billion in April.
Total exports rose 2.6% to $64.4 billion in April. This increase follows a 5.2% drop in March and a 5.4% increase in February. Overall, increases were observed in 8 of the 11 product sections in April. In real (or volume) terms, total exports were up 1.7%.
After falling 1.0% in March, total imports increased 1.1% to $65.5 billion in April, a level similar to the one observed in February. Overall, gains were recorded in 6 of the 11 product sections in April. However, in real (or volume) terms, total imports edged down 0.2%.
Exports to the United States were up 2.4% in April, while imports from that country rose 1.8%. As a result, Canada's trade surplus with the United States widened slightly from $6.9 billion in March to $7.3 billion in April.
Exports to countries other than the United States increased 3.1% in April. Higher exports to the United Kingdom (unwrought gold), Japan (copper ore and natural gas liquids) and Mexico (various products) were partly offset by lower exports to Hong Kong (unwrought gold). Meanwhile, imports from countries other than the United States edged down 0.1%.
As a result, Canada's trade deficit with countries other than the United States narrowed from $8.9 billion in March to $8.4 billion in April.
This is an excerpt from the 06 June 2024 edition of The Daily from Statistics Canada.