In May, Canada's merchandise exports rose 4.1% compared with April, a fifth consecutive monthly increase. Meanwhile, imports decreased 0.7%. As a result, Canada's merchandise trade surplus with the world widened from $2.2 billion in April to $5.3 billion in May, the largest trade surplus since August 2008. The contribution of prices to monthly movements was once again noteworthy in the merchandise trade results for May. As seen in previous months, variations in real (or volume) terms were significantly different from those in nominal terms observed in May. Export volumes increased 1.7%, while import volumes decreased 1.4% compared with April.
Total exports rose 4.1% in May to $68.4 billion. This was the fifth consecutive monthly increase and the 10th gain over the past 12 months. Overall, growth was observed in 8 of the 11 product sections in May. Since the beginning of 2022, the value of exports has risen by more than 20%, but, once adjusted for prices, exports were down 2.3% in real (or volume) terms.
Following three consecutive monthly increases, total imports decreased 0.7% in May to $63.1 billion. Declines were observed in 6 of the 11 product sections. After an increase of 5.7% in April, imports of consumer goods fell 4.7% in May. As was the case in recent months, the clothing, footwear and accessories (-11.3%) product group was the largest contributor to the monthly decrease.
Exports to the United States increased by 2.4% in May, largely because of higher exports of crude oil. Meanwhile, imports from the United States edged up 0.3%. As a result, Canada's trade surplus with the United States widened from $12.9 billion in April to $14.0 billion in May, another record high.
In May, exports to countries other than the United States were up 10.6% compared with April, reaching a record-high $15.5 billion. Exports to the United Kingdom (+74.2%) posted the largest gain, led by increased exports of crude oil and gold. Imports from countries other than the United States were down 2.3% in May. Imports from China were again largely behind the downward movement, amid lockdowns in some parts of the country because of COVID-19 outbreaks. There were also lower imports from Mexico and Japan, both down on lower imports of passenger cars and light trucks.
This is an excerpt from the Statistics Canada article: https://www150.statcan.gc.ca/n1/daily-quotidien/220707/dq220707a-eng.htm