Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Record Imports Push Trade Deficit Higher in AprilFriday, June 07, 2013 > 12:30:19
Canada imported more merchandise than it exported in April, which inflated its trade deficit from $3 million to $567 million, according to numbers released by Statistics Canada Tuesday.
Imports grew for the fourth month in a row in April, rising 1.2%, but exports increased only 0.2%. The record-high $40.8 billion worth of merchandise brought into the country was dominated by energy products, motor vehicles and parts, and metal ores and non-metallic minerals.
Canada exported fewer metal ores, non-metallic minerals, energy products and industrial machinery, equipment and parts and more metals and non-metallic mineral products, resulting in total exports worth $40.3 billion. Overall, the prices of exports declined 0.7% but volumes increased 0.5%.
Canada continued to have a trade surplus with the United States, with a slight increase between March and April from $3.8 billion to $3.9 billion. Imports to the U.S. increased 1.9% to a record high of $26.2 billion mainly owing to metal ores, non-metallic minerals and energy products.
Exports to countries other than the U.S. fell 5.6% to $10.2 billion, the agency said, while imports remained flat.
Metal ores and non-metallic minerals saw the largest rise in imports, increasing 10.3% in April to $1.3 billion, followed by energy products, which increased six%. Within the energy category, refined petroleum energy products saw the biggest bump, rising 33.9% to a record high of $1.2 billion.
When it came to exports, only metal and non-metallic mineral products saw an increase in April, rising 10.6% to $4.9 billion. Metal ores and non-metallic minerals shrunk the most, falling 13.8%, much of which was owing to a 62% decrease in exports of copper ores and concentrates.