Canada’s merchandise imports rose 1.2% in April, while exports edged down 0.2%. As a result, our trade deficit with the world deepened from $3 million in March to $567 million in April.
Imports rose for a fourth consecutive month to a record high of $40.8 billion (+ 1.5%), with energy products, motor vehicles and parts and minerals leading the increase. Exports edged down to $40.3 billion (-0.7%) , as decreases in metal ores and non-metallic minerals, energy products, and industrial machinery and parts were partially offset by a large increase in mineral products.
Imports from the United States increased 1.9% to a record high of $26.2 billion, the gain being led by metal ores and non-metallic minerals and energy products. Exports to the U.S. grew 1.8% to $30.1 billion, bringing our trade surplus with the U.S. from $3.8 billion in March to $3.9 billion in April.
Exports to countries other than the U. S. fell 5.6% to $10.2 billion and decreases were recorded in most principal trading areas. Imports from countries other than the U. S. were relatively unchanged in April at $14.6 billion, bringing Canada’s trade deficit with those countries from $3.8 billion to $4.4 billion.
Energy products lead the gain in imports
Imports of energy products increased 6% to $3.9 billion, refined petroleum energy products leading the increase (+ 33.9%). Imports of crude oil and crude bitumen declined for the fifth consecutive month, partially offsetting the section’s increase. Imports of motor vehicles and parts grew 1.9% to $7.2 billion, led by passenger cars and light trucks, up 3.7%, with medium & heavy trucks, buses and other motor vehicles also contributing (+ 7.2%). Imports of metal ores and non-metallic minerals increased 10.3% to $1.3 billion while imports of industrial machinery, equipment and parts declined 3.5% to $3.7 billion.
Offsetting movements result in a slight decrease in exports
Exports of metal ores and non-metallic minerals declined 13.8% to $1.5 billion, with copper ores and concentrates being the main contributor, declining 62% to $136 million. Exports of energy products decreased 1.7% to $9.3 billion with exports of other energy products, mainly coal, falling 29.1%. After posting four consecutive monthly gains, exports of crude oil and crude bitumen fell 2% with higher exports of natural gas (+14.3%) partially offsetting the section’s decrease. Exports of industrial machinery, equipment and parts fell 5% to $2.1 billion, with widespread declines recorded throughout the section, led by miscellaneous parts of machinery and equipment. Exports of metal and non-metallic mineral products grew 10.6% to $4.9 billion, with the increase in exports of unwrought precious metals and precious metal alloys offsetting decreases in the section.
The U.S. international trade deficit increased as well in April
South of the border, the U.S. international trade deficit in goods and services increased from $37.1 billion in March to $40.3 billion in April from, as imports increased more than exports. The U.S. goods deficit with the European Union increased from $9.9 billion to $12.4 billion. Same movement with China, where the deficit increased from $17.9 billion to $24.1 billion while the deficit with Mexico decreased from $5.3 billion in March to $4.4 billion in April.
How about Canada’s trade with Belgium ?
Regarding trade with Belgium, Canadian exports went from $150 million in February, down to $94 million in March and back up to $132 million in April. Canadian imports from Belgium, on the other hand, went from $121 million in February, down to $94 million in March and up to $182 million in April. So our bilateral trade remains stable but with great variations and it will be interesting to see how it will evolve in the months head.
Christian Sivière, Montréal Christian.email@example.com All Rights Reserved, June 2013
Source: Statistics Canada, U.S. Census Bureau