Canada's exports rose 2.5% in April to reach an all-time high by volume.
Imports during April declined 0.2% due largely to a decline in energy products, according to Statistics Canada.
As a result, Canada’s trade surplus widened to $1.94 billion, more than double analysts' forecasts for a $900 million April surplus.
The country’s trade surplus in March was revised down to $231 million from an initial estimate of $972 million.
The Canadian economy continues to outperform despite ongoing interest rate hikes by the Bank of Canada. The central bank lifted its overnight rate to 4.75% on June 7.
The April increase in exports was largely driven by metal and non-metallic mineral products, as well as energy products, Statistics Canada said.
By volume, exports rose 2.8% to surpass pre-pandemic levels for the first time and hit a record high.
On the flip side, imports declined for a third consecutive month in April due to lower crude oil shipments from Saudi Arabia and the U.S.
Last week, data showed that Canada's economy benefited from favorable international trade and expanded faster than expected in the year’s first quarter.
Canada’s inflation rate was stronger than forecast in April as well, accelerating for the first time in 10 months to 4.4%, more than double the Bank of Canada’s 2% annualized target.
