14 June 2022
Canadian Custom Brokerage

Canada’s trade surplus decreased in April

Statistics Canada announced that, following two months of strong increases, growth in Canadian merchandise imports and exports slowed in April, with imports rising 1.9% and exports increasing 0.6%.

As a result, Canada’s merchandise trade surplus with the world narrowed from $2.3 billion in March to $1.5 billion in April.

The Federal Agency said total imports reached $62.8 billion. Imports of consumer goods (+5.5%) contributed the most to the increase. Imports of metal and non-metallic mineral products rose 10.5%.

Total exports reached $64.3 billion in April,. Exports of consumer goods (+5.0%) rose the most. Exports of motor vehicles and parts rose 3.9%.

On a per country basis, imports from countries other than the United States decreased 1.9% in April, due to a sharp drop in imports from China (-15.3%). The drop in April coincided with the lockdown of Shanghai due to recent outbreaks of COVID-19 in that part of the country. Exports to countries other than the United States fell 4.7% in April. Canada’s merchandise trade deficit with countries other than the United States widened slightly in April to $10.1 billion from $9.9 billion in March.

Imports from the United States rose 4.4% in April, partly on higher imports of refined petroleum products. Exports to the United States were up 2.1%, a fourth consecutive monthly increase. As a result, Canada’s trade surplus with the United States narrowed from a record high of $12.2 billion in March to $11.6 billion in April.

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