Canada’s trade surplus with its main trading partner, the United States, has increased; it rose to $9.5 billion in April from $7.2 billion in March. (Photo: Andrew Vaughan for The Canadian Press)
OTTAWA _ Canada’s trade surplus with the world in goods widened significantly last April from the previous month, rising to US$1.9 billion from US$231 million.
Statistics Canada said the country’s merchandise exports rose 2.5% in April while imports fell slightly by 0.2%.
Shipments of metals and non-metallic mineral products, which rose 13.6%, were the main contributors to export growth in April.
Raw gold exports rose 46%, driven by increased transfers of gold assets from Canadian financial institutions to the United States. Statistics Canada reports that this surge comes amid economic uncertainty as investors tend to favor safe-haven metals like gold and silver.
Exports of energy products also increased by 6.4% in April, while exports of automobiles and vehicle parts increased by 7.4%.
Energy product inflows fell by 12.8%; They were the main contributors to the fall in Canadian imports in April. Crude oil imports fell 20.5%, partly due to lower shipments from Saudi Arabia and the United States.
Canada’s trade surplus with its main trading partner, the United States, has increased; it rose to $9.5 billion in April from $7.2 billion in March.
In contrast, Canada’s trade deficit in goods with countries other than the United States increased from US$7 billion to US$7.5 billion over the same period.
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