Canada: merchandise trade surplus narrows

OTTAWA – Canadian merchandise import and export growth slowed in April, according to Statistics Canada, which reported a surplus in merchandise trade with the world that narrowed from $2.3 billion in March to $1.5 billion in April.

Imports jumped 5.1% in February and 7.8% in March, but their rise was more moderate in April at 1.9%. The value of imports amounted to 62.8 billion dollars.

Statistics Canada noted that consumer goods were the biggest contributors to the April increase. Apparel, footwear and accessories recorded the largest increase, with 24.2%.

As for total exports, they rose 0.6% in April to reach $64.3 billion, which is the fourth consecutive monthly increase. Exports of packaged and processed fish and seafood jumped 52.4%, mainly due to the sharp rise in crab prices.

Exports of autos and auto parts rose 3.9% in April to $7.1 billion. It was the highest level since October 2020.

Statistics Canada reported that imports from Canada’s main trading partner, the United States, rose 4.4% in April while exports rose 2.1%. As a result, Canada’s trade surplus with the United States narrowed from a record $12.2 billion in March to $11.6 billion in April.