Canada reported its second-largest merchandise trade deficit ever in April, narrowing from the record shortfall set in March as imports fell faster than exports.
Figures released Wednesday by Statistics Canada show the deficit of $2.97 billion followed a March gap that was revised to $3.85 billion from an initial $3.02 billion. Economists surveyed by Bloomberg forecast an April deficit of $2.15 billion, the median of 16 forecasts.
Imports fell 2.5% to $44.9 billion on declines in consumer goods, metals and minerals.
Exports declined 0.7% to $41.9 billion, the fourth straight drop and the lowest total since January 2014. Shipments of pharmaceutical products and medicine fell 28% to $578 million. Forest product exports were 5% lower at $3.18 billion. Energy shipments rose 5.9% to $7.30 billion, bringing the drop from a year earlier to 31.6%
Canada’s trade surplus with the U.S. widened to $2.42 billion in April from $1.62 billion a month earlier. The deficit with countries other than the U.S. narrowed to $5.39 billion from $5.48 billion.
The volume of exports advanced 0.5% and import volumes fell 1.8% in April, Statistics Canada said. Volume figures adjust for price changes and can be a better indicator of how trade contributes to economic growth.
Related Stories
