OTTAWA (Reuters) – Canada’s exports rose 0.6% in April, driven by strong exports of frozen seafood and motor vehicles, but offset by lower crude oil production, while imports climbed 1.9%, Statistics Canada said on Tuesday.
The country’s trade surplus with the world narrowed to C$1.50 billion ($1.19 billion), below analyst forecasts of C$2.9 billion and down from a revised C$2.28 billion in March.
The value of Canada’s exports has jumped 12.8% since the start of 2022, but is down 4.9% in real terms, Statscan said, with surging commodity prices offsetting lower volumes.
Exports of motor vehicles and parts in April hit their highest level since October 2020, but remain below pre-pandemic levels as the auto sector continues to work through supply-chain challenges.
Seafood exports surged, driven by higher prices and volumes for crabs. Energy exports came off record highs in April, as crude oil production dropped on maintenance shutdowns, partially offset by surging natural gas and coal exports.
On the import side, consumer goods led gains, while imports of metal and non-metallic mineral products hit a record high driven by silver. Imports of energy products were also up on higher prices, led by costly gasoline.
The Canadian dollar was trading 0.2% lower at 1.26 to the greenback, or 79.37 U.S. cents.
($1 = 1.2600 Canadian dollars)
(Reporting by Julie Gordon in Ottawa, additional reporting by Dale Smith in Ottawa and Fergal Smith in Toronto; Editing by Nick Zieminski)
