Canada’s trade deficit drastically declined in April from a month prior, clocking in lower than analysts had expected as the nation’s trade surplus with the United States — its largest trading partner — sharply increased.
Canada’s overall merchandise trade deficit stood at C$1.9 billion in April, down from C$3.9 billion (U.S. $1.5 billion) in March, Statistics Canada revealed Wednesday.
The narrowing of the deficit was much larger than anticipated by economists, who had forecast a trade gap of C$3.4 billion for April, according to a Bloomberg survey.
Canada’s exports totaled C$48.6 billion in April, up 1.6 percent month-over-month, while imports stood at C$50.5 billion, down 2.5 percent.
The nation’s exports to the United States reached C$36.1 billion in April, up 3.2 percent month-over-month, notably on higher exports of crude oil and crude oil bitumen. Meanwhile, Canada’s imports from the United States totaled C$32.5 billion, slipping 1.4 percent from March, mostly due to lower imports of passenger cars and light trucks.