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Canada's trade deficit narrows as exports rise more than imports in April

June 7, 2016

Statistics Canada announced that the country's merchandise trade deficit with the world narrowed from $3.2 billion in March to $2.9 billion in April. Exports were up 1.5% while imports increased 0.9%.

According to the federal agency total imports increased to $44.7 billion in April, despite declines in 6 of 11 sections. Imports of aircraft and other transportation equipment and parts rose sharply (+52.0%) to a record $2.2 billion. Imports of energy products rose 5.9% to $1.7 billion in April, the second consecutive monthly increase. Moderating these gains, imports of industrial machinery, equipment and parts fell 5.1% to $4.1 billion in April. There were also lower imports of electronic and electrical equipment and parts, down 3.9% to $5.1 billion.

Total exports rose to $41.8 billion in April. Exports of energy products rose 7.6% to $5.0 billion and exports of industrial machinery, equipment and parts rose 10.5% to $2.8 billion. Following a 5.6% decline in March, exports of metal and non-metallic mineral products rebounded 5.7% to $4.8 billion. Partially offsetting these gains, exports of aircraft and other transportation equipment and parts decreased 10.0% to $1.9 billion.

Imports from countries other than the United States fell 3.0% to $15.0 billion, driven by lower imports from Germany (-$174 million) and South Korea (-$170 million). Exports to countries other than the United States decreased 0.6% to $10.5 billion. Lower exports to the United Kingdom (-$276 million) and Spain (-$105 million) were mostly offset by higher exports to countries other than Canada's principal trading partners (+$268 million) and to Mexico (+$105 million). As a result, Canada's trade deficit with countries other than the United States narrowed from $4.9 billion in March to $4.5 billion in April.

Imports from the United States were up 3.0% to $29.7 billion and exports increased 2.3% to $31.3 billion in April. Consequently, Canada's trade surplus with the United States narrowed from $1.7 billion in March to $1.6 billion in April.

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