Home Economy Canadian Exports Went Up on Seafood And Motor Vehicles

Canadian Exports Went Up on Seafood And Motor Vehicles

Canadian Exports Went Up on Seafood And Motor Vehicles
Photo Source: Encyclopedia Britannica

Canada’s exports rose 0.6%, driven by strong exports of frozen seafood and motor vehicles, but it is offset by lower crude oil production, while imports climbed 1.9 percent. However, the country’s trade surplus narrowed to $1.50 billion, below analyst forecasts of $2.9 billion and down from a revised $2.28 billion in March 2022. The article contains Canadian Exports Went Up on Seafood And Motor Vehicles.

The value of Canada’s exports has jumped to 12.8% since the beginning of 2022 but is down 4.9% in real terms, with surging commodity prices offsetting lower volumes. In April, motor vehicles and parts exportings hit their highest level from October 2020 but it remains below pre-pandemic levels because the auto sector continues to proceed via supply-chain challenges.

Seafood exports rolled, driven by higher prices and volumes for crabs. In April, energy exports came off record high due to the production of crude oil released on maintenance shutdowns, partially offset by surging natural gas and coal exports.

Consumer goods led to gains on the import side, while imports of metal and non-metallic mineral products hit a record high, led by silver. Imports of energy products were also up at higher prices, led by costly gasoline. The Canadian dollar traded 0.2 percent lower at 1.26 to the greenback or 79.37 U.S. cents.

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