Canada’s exports hit an all-time high in April, helping to push the country’s overall trade deficit down for the month, Statistics Canada reported Wednesday.
The federal government agency said Canada’s exports increased 1.6 per cent to a record $48.6 billion in April, marking a sixth increase over the past seven months.
Exports of metal and non-metallic mineral products, consumer goods and energy products were up in April, partially offsetting lower exports of aircraft and other transportation equipment and parts.
Year over year, total exports were ahead by 3.1 per cent
Conversely, Canadian imports slipped 2.5 per cent in April to $50.5 billion after they hit a record high in March. Statistics Canada said lower imports of motor vehicles and parts and consumer goods outweighed higher imports of energy products.
Exports to the United States — Canada’s top trading partner — were up 3.2 per cent to $36.1 billion in April, on higher shipments of crude oil and crude oil bitumen, while imports from the United States fell by 1.4 per cent to $32.5 billion, mainly due to lower imports of passenger cars and light trucks.
Consequently, after five monthly contractions, Canada’s merchandise trade surplus with the United States widened to $3.6 billion in April from a $2.0 billion surplus in March.
Duelling tariffs
In its monthly trade report, Statistics Canada also laid out the value of the products subject to a tariffs recently announced by Canada and the United States.
On June 1, the U.S. imposed tariffs on some Canadian steel and aluminum products of 25 per cent and 10 per cent, respectively. According to Statistics Canada’s data, in 2017, the export value of aluminum products that are subject to the 10 per cent rate was $9.2 billion, while the value of steel exports subject to the 25 per cent rate was $7.2 billion.
At the same time, Canada has proposed additional tariffs on the imports of a broad range of products from the United States. In 2017, the import value of the U.S. goods that may be subject to the proposed tariffs was $19.4 billion.