Trade surplus contracts in April
Canada's trade surplus for April slipped for the first time in four months, Statistics Canada reported Tuesday.
The surplus retreated to $5.1 billion in April from $5.7 billion in March, as the import growth outpaced the growth in exports.
Exports to the United States, Canada's top trading partner, increased for a fourth straight month, growing to $30.6 billion, their highest level since April 2007. Imports from the U.S. grew at a faster pace, cutting the trade surplus with the U.S. to $8.2 billion for April.
Exports to countries other than the United States declined for the first time in four months, while imports grew. As a result, the trade deficit with all these countries as a whole expanded to $3.1 billion.
Overall, Canadian exports grew for a fourth consecutive month, increasing 0.8 per cent to $39.9 billion in April.
Energy product exports increased 2.5 per cent on the strength of crude petroleum and natural gas. Crude petroleum increased as a result of a combination of rising prices and volume, while exports of natural gas increased as prices rose and volume fell.
Imports into Canada increased 2.6 per cent to $34.8 billion in April, following two monthly declines. The increase was primarily due to gains in energy products and automotive products.
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