Canada's trade deficit with the rest of the world got smaller in April, according to new figures released Wednesday morning by Statistics Canada.
The agency reported that our exports rose 1.6% to a record $48.6 billion in April, while imports were down 2.5% to $50.5 billion.
As a result, Canada's merchandise trade narrowed from $3.9 billion in March to $1.9 billion in April.
The improvement in exports was the sixth increase over the past seven months. Higher exports of metal and non-metallic mineral products, consumer goods and energy products were partially offset by lower exports of aircraft and other transportation equipment and parts. Year over year, total exports rose 3.1%.
After reaching a record high in March, StatsCan said imports fell 2.5% in April to $50.5 billion, with declines in eight of 11 sections. Lower imports of motor vehicles and parts and consumer goods were partially offset by higher imports of energy products. Year over year, total imports were up 4.7%.
Following two months of strong increases, imports of motor vehicles and parts decreased 5.8% to $9.7 billion in April. Passenger cars and light trucks were down 8.9%, returning to more typical levels following higher than usual import levels for light trucks in March. Motor vehicle engines and motor vehicle parts (-4.4%) also contributed to the decrease in April.
The agency also says 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.
Thus, after five monthly contractions, Canada's merchandise trade surplus with the United States widened to $3.6 billion in April from a $2.0 billion surplus in March
