Canada Trade Deficit Narrows in April


Canada's merchandise trade deficit shrank to CAD 2.97 billion in April from an upward revised CAD 3.85 billion deficit in March, as exports were down 0.7 percent and imports declined at a faster 2.5 percent.

Exports declined to CAD 41.9 billion in April. The decreases in consumer goods as well as forestry products and building and packaging materials were mostly offset by an increase in energy products. Excluding energy products, exports fell 2.0 percent.

Exports of consumer goods decreased 6.0 percent to CAD 5.0 billion. Exports of forestry products and building and packaging materials declined 5.0 percent to CAD 3.2 billion. Mostly offsetting these decreases, exports of energy products increased 5.9 percent to CAD 7.3 billion. Exports of crude oil and crude bitumen rose 10.8 percent to CAD 4.9 billion, while exports in most of the other commodity groupings within this section declined.

Exports to countries other than the United States declined 7.2 percent to CAD 10.1 billion. There were lower exports to Japan (-CAD 173 million) and Switzerland (-CAD 130 million). Exports to the United States increased 1.6 percent to CAD 31.8 billion.

Imports declined to CAD 44.9 billion in April, as 7 of 11 sections decreased. Lower imports of consumer goods as well as metal and non-metallic mineral products were partially offset by increases in motor vehicles and parts as well as energy products. 

Imports of consumer goods fell 6.2 percent to CAD 9.4 billion on lower volumes. Metal and non-metallic mineral products decreased 11.3 percent to CAD 3.7 billion. Meanwhile, imports of motor vehicles and parts were up 2.7 percent to a record CAD 8.2 billion. Imports of energy products rose 7.4 percent to CAD 2.9 billion. Imports of crude oil and crude bitumen increased 22.4 percent to CAD 1.6 billion.

Imports from countries other than the United States were down 5.3 percent to CAD 15.5 billion, mainly on lower imports from China (-CAD 869 million). Imports from the United States fell 1.0 percent to CAD 29.4 billion in April.

As a result, Canada's trade deficit with countries other than the United States narrowed slightly in April. Canada's trade surplus with the United States widened to CAD 2.4 billion in April from CAD 1.6 billion last month.

Canada Trade Deficit Narrows in April


Statistics Canada | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/3/2015 2:09:05 PM