10 May 2022
Canadian Custom Brokerage

Canada’s imports and exports reach record highs

Statistics Canada announced that the country’s merchandise trade increased substantially in March, with both imports and exports reaching record highs. Following a 4.8% increase in February, imports jumped a further 7.7% in March. Meanwhile, exports rose 6.3%, with energy products contributing more than half of the increase.

As a result, Canada’s merchandise trade surplus with the world narrowed from $3.1 billion in February to $2.5 billion in March.

The Federal Agency said total imports reached a record high of $61.1 billion. Gains were observed in 9 of 11 product categories, with 8 posting increases of more than $100 million.

Total exports climbed to a record $63.6 billion in March, surpassing the previous record set in February by nearly $4 billion. Excluding energy products, exports were up 4.0% in March.

On a per country basis, imports from countries other than the United States were up 11.5% in March, reaching a record $24.5 billion. Imports from China (+29.4%) posted the largest gain by far. Exports to those countries were up 1.9% in March to $14.4 billion, which also constitutes a record. There were higher exports to the United Kingdom (gold), Spain (pharmaceutical products), South Korea (coal) and Germany (various products). After the $7.9 billion deficit observed in February, Canada’s trade deficit with countries other than the United States reached a record $10.1 billion in March.

Exports to the United States increased by 7.7% in March, largely because of higher exports of crude oil. Meanwhile, imports from the United States increased by 5.4%, mainly because of higher imports of energy products and motor vehicles and parts. As a result, Canada’s trade surplus with the United States widened from $10.9 billion in February to a record $12.6 billion in March.

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