Canada Trade Gap Narrows in April


Canada's trade deficit narrowed to CAD 2.9 billion in April of 2016 from a downwardly revised CAD 3.2 billion shortfall in March and compared to market expectation of a CAD 2.4 billion gap. Exports rebounded and increased 1.5 percent, boosted by higher prices for energy products and imports increased 0.9 percent.

Total exports rose 1.5% to $41.8 billion in April. Exports of energy products rose 7.6 percent, the second consecutive monthly gain. Higher exports of natural gas (+43.2 percent) led the gain, crude oil and crude bitumen (+3.5 percent) also increased, as higher prices more than offset lower volumes. Exports of industrial machinery, equipment and parts rose 10.5 pecent, the strongest monthly increase since March 2001. Following a 5.6% decline in March, exports of metal and non-metallic mineral products rebounded 5.7 percent. Exports of unwrought precious metals and precious metal alloys, up 12.9 percent. Partially offsetting these gains, exports of aircraft and other transportation equipment and parts decreased 10 percent .

Total imports increased 0.9 percent to $44.7 billion in April. Imports of aircraft and other transportation equipment and parts rose sharply 52.0 percent.  Imports of energy products rose 5.9 percent, the second consecutive monthly increase and crude oil and crude bitumen imports were up 13.6 percent. Meantime, imports of industrial machinery, equipment and parts fell 5.1 percent. This was the fourth consecutive monthly decline and the lowest level since March 2014.  Also, purchases of other general-purpose machinery and equipment decline 11.9 percent, electronic and electrical equipment and parts dropped 3.9 percent and communications and audio and video equipment declined 9.0 percent.


Year over year, exports were down 2.3 percent and imports were down 0.9 percent.

Canada Trade Gap Narrows in April


Statistics Canada | Mojdeh Kazemi | mojdeh@tradingeconomics.com
6/3/2016 2:48:38 PM