June 9, 2023

Canada's merchandise trade surplus rises to $1.9 billion in April

Statistics Canada announced that the country's merchandise exports increased 2.5% in April, while imports edged down 0.2%. As a result, Canada's merchandise trade surplus with the world widened from $231 million in March to $1.9 billion in April.

The Federal Agency notes that exports of metal and non-metallic mineral products (+13.6%) contributed the most to the growth in exports in April. Exports of motor vehicles and parts were up 7.4% and exports of energy products (+6.4%) also increased.

Total imports edged down as imports of energy products (-12.8%) contributed the most to the decrease. Imports of consumer goods rose 4.0%.

Exports to the United States rose 4.4% in April, mainly due to higher exports of gold. Meanwhile, imports from the United States decreased 0.4%. As a result, Canada's trade surplus with the United States widened from $7.2 billion in March to $9.5 billion in April.

Exports to countries other than the United States fell 3.1% in April. Lower exports to the United Kingdom (gold) and China (miscellaneous products) were partly offset by higher exports to Hong Kong (gold) and South Korea (coal). Imports from countries other than the United States edged up 0.3% in April. As a result, Canada's merchandise trade deficit with countries other than the United States widened from $7.0 billion in March to $7.5 billion in April.