Canada reports $594 million trade surplus in April

Tuesday, 08 June 2021 19:34:07 (GMT+3)   |   San Diego
       

According to Statistics Canada, in April, Canada's merchandise imports fell 4.7 percent, while exports decreased 1.0 percent. Both declines were attributable in large part to significant decreases in trade of motor vehicles and parts. This was mainly the result of production shutdowns in the auto assembly industry in April because of the shortage of semiconductor chips.

Canada's merchandise trade balance went from a deficit of $1.3 billion in March to a surplus of $594 million in April. The surplus in April was the third in 2021, but its value represented less than 0.6 percent of total monthly merchandise trade.

Total exports were down 1.0 percent in April to $50.2 billion, with 6 of 11 product sections posting declines. Excluding the motor vehicles and parts category, exports rose 1.6 percent in April. In real (or volume) terms, total exports fell 3.5 percent.

Imports from the United States were down 5.2 percent in April, mainly because of the fall in imports of motor vehicles and parts. Exports to the United States increased 1.4 percent, supported by higher exports of seafood products and softwood lumber. As a result, Canada's trade surplus with the United States widened from $4.2 billion in March to $6.4 billion in April.

Following a 12.8 percent increase in March, exports to countries other than the United States fell 7.2 percent in April, mainly on lower exports to Hong Kong (gold) and the United Kingdom (gold).

Imports from countries other than the United States were down 3.8 percent in April. Following a 27.8 percent increase in March, imports from China fell 18.8 percent in April, with widespread decreases across a number of product categories.

Canada's trade deficit with countries other than the United States widened from $5.5 billion in March to $5.8 billion in April.


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