Canada's trade deficit hits record high in April
OTTAWA, June 5 (Xinhua) -- Canada's merchandise trade dropped in April with the trade deficit hitting a record high, Statistics Canada said Thursday.
Exports dropped 10.8 percent while imports fell 3.5 percent. As a result, Canada's merchandise trade deficit with the world widened to 7.1 billion Canadian dollars (5.2 billion U.S. dollars) in April. This was the largest deficit on record, said the national statistical agency.
Merchandise trade with the United States fell sharply amid new tariffs imposed in April, said the agency.
According to the agency, exports to the United States dropped 15.7 percent, a third consecutive monthly decline. Meanwhile, imports from the United States were down 10.8 percent in April. As a result, Canada's merchandise trade surplus with the United States narrowed to 3.6 billion Canadian dollars (2.6 billion U.S. dollars), the smallest surplus since December 2020.
Trade with countries other than the United States reached an all-time high, said the agency.
In April, the average value of the Canadian dollar increased 1.8 U.S. cents compared with March. This is the largest monthly increase since May 2021. When expressed in U.S. dollar, Canadian exports decreased 8.4 percent in April, while imports were down 0.9 percent, said Statistics Canada.
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