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Canada's Trade Deficit Narrowed In April

08 June 2018

Year-to-date, however, the U.S. trade gap with China was still up 10.4%, matching a the general trend of the last nine years Deficits also narrowed with Canada and Mexico in the latest month.

The Commerce Department said the trade deficit narrowed to $46.2 billion in April from a revised $47.2 billion in March.

In April, the trade deficit in the USA reached a low of seven months as exports increased to record highs, driven by an increase in the number of shipments of soybeans and industrial materials. The so-called real trade deficit is below its $82.5 billion average in the first quarter.

Washington, DC, June 6, 2018-April exports were $211.2 billion, $0.6 billion more than March exports, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

The data underscored the continued importance of the giant US market, which took 74.3 percent of all Canadian goods exports in April. And despite the decrease in April, the gap in goods trade with Mexico is up 4.8 percent this year.

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The potential impact of tariffs on steel and aluminum proposed by President Trump is still being assessed.

Natural gas prices grinded higher ahead of Thursday's inventory report from the Department of Energy. Exports advanced 1.6 per cent, the sixth gain in the past seven months. Shipments of metals and non-metallic minerals rose 9.1 percent, more than reversing the 7.8 percent slump seen in February, aided by solid sales of intermediate metals including unwrought gold.

Exports of industrial supplies and materials were the highest on record in April. Canada has responded with its own tariffs on USA steel and aluminum imports as well as tariffs on a broad range of consumer goods.

Statistics Canada said that a year ago the export value of aluminum products subject to the new tariffs was about $9.2 billion, while the value of the steel products was about $7.2 billion. Consumer good exports also rose strongly by 5.4 percent sequentially, led by a sharp rise in pharmaceuticals.

Egypt has been seeing a drop in imports after it floated its currency in late 2016, making Egyptian goods in foreign markets attractively cheaper while doubling the cost of importing. That followed a 0.3 percent growth pace in the fourth quarter.

Canada's Trade Deficit Narrowed In April