Canada's trade surplus with US largest since May 2014

By anna smith

In April, Canada’s trade surplus with the US rose to its largest in three years. Cars, natural gas and softwood lumber shipments helped Canada’s trade surplus with the US hit $5 billion in April.

Statistics Canada found that this number rose from $3.4 billion in March – a time when the Canadian dollar fell 0.3 US cents compared to the US dollar.

Canada’s trade deficit with all countries fell to $370 million. This is a drop from a revised shortfall of $936 million for March. According to Thomson Reuters, economists had expected a deficit of just $70 million.

Also achieving a record high, Canada’s imports reached $48.1 billion, a fifth consecutive monthly increase.

Statistics Canada also noted that there were also higher exports to the Netherlands. The statistics agency acknowledged that coal exports have been strong in recent months as Australia’s coal industry recovers from Cyclone Debbie.

In a note to clients, CIBC economist Nick Exarhos said "trade is likely to be a more significant source of growth in the second quarter than it has in recent quarters."

“Although the deficit came in a bit wider than the street was expecting in April, a gain in exports—particularly in volumes—was a solid sign that the economy carried momentum into the second quarter after a scorching start to the year."

               

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI