Trade deficit narrows to $3B in April but still second-highest ever
Gap between what Canada sells to the world and what it buys slightly down from March record
The gap between what Canada buys from the rest of the world and what it sells narrowed in April from March's record, but remained at the second-highest level ever, at $3 billion.
Statistics Canada reported Wednesday that imports fell by more than exports, which pushed the overall deficit to $3 billion. That's actually tied with March's original record-setting figure, but the data agency revised March's number up to $3.9 billion on Wednesday too.
Imports declined to $44.9 billion in April, as seven of 11 sectors of the economy imported less. Exports declined to $41.9 billion in April, the seventh monthly drop since last July when they peaked at $45.6 billion.
Trade surplus with U.S. widens
Imports from countries other than the United States were down 5.3 per cent to $15.5 billion, mainly due to $869 million less of imports from China. Imports from the United States fell one per cent to $29.4 billion in April.
Exports to countries other than the United States declined 7.2 per cent to $10.1 billion. There were lower exports to Japan (down $173 million) and Switzerland (down $130 million). Exports to the United States increased 1.6 per cent to $31.8 billion.
The result is that Canada has a trade deficit that's shrinking when compared to everywhere but the U.S. Vis-a-vis to the U.S. alone, Canada has a trade surplus of $2.4 billion, and that's actually up from $1.6 billion the month prior.