International Trade

Canada’s merchandise trade surplus increased to $1.9 billion in April, helped by higher exports of gold, oil and cars and light trucks, according to Statistics Canada.

The latest trade result followed a revised surplus of $231 million in March. The agency’s initial reading for March released last month had indicated a surplus of $972 million.

Exports for April rose 2.5% to $64.8 billion, as exports of metal and non-metallic mineral products gained 13.6%, lifted higher by a 46.0% gain in unwrought gold.

Exports of energy products gained 6.4% as higher prices helped lift crude oil exports 7.1%. Exports by the motor vehicles and parts sector rose 7.4% as exports of passenger cars and light trucks gained 7.7% and engines and parts added 9.9%.

Meanwhile, imports in April fell 0.2% to $62.9 billion as imports of energy products fell 12.8% with crude oil imports down 20.5%, in part due to lower shipments from Saudi Arabia and the United States.

In volume terms, total exports rose 2.8% to top their pre-pandemic levels and hit an all-time high, while imports gained 1.0%.