Canada’s merchandise trade surplus fell to $1.5 billion in April 2022 as both imports and exports hit record highs, helped by rising prices. The statistics were released on June 7, 2022. The agency said the result compared with a revised surplus of $2.3 billion in March 2022. Imports fell 0.4% in April, while exports dropped 2.1% in volume terms. CIBC Senior Economist Karyne Charbonneau said the report was somewhat disappointing but added that the details suggested the weakness should be temporary, particularly for oil exports which should rebound. The article contains Statistics Canada Reported $1.5 billion Merchandise Trade Surplus.
“Nevertheless, for now, exports look like they may not provide the boost to Q2 GDP that the Bank of Canada and we expected,” Charbonneau wrote in a report. He added, “Still, there are encouraging signs that supply disruptions might be easing, particularly in the auto sector. With the lifting of the lockdowns in China, we should also see a rebound in imports from that country in the months ahead.”
Total imports in April rose 1.9% to $62.8 billion as imports of consumer goods gained 5.5%, with the clothing, footwear, and accessories subcategory up 24.2%. Meanwhile, total exports gained 0.6% to $64.3 billion for April. Exports of consumer goods rose 5.0%, boosted by prepared and packaged seafood products which gained 52.4% due to good crab prices, while the quantity of crab exported also contributed to the increase. Statistics Canada also said exports of energy products fell 0.9% in April as crude oil exports fell 14.3% due to planned shutdowns for maintenance in April in the Alberta oil sands.
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