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Trade surplus streak comes to an end: StatsCan

Published by Brad Fougere on June 04, 2014

After two positive months of trade surplus, Canada’s economy saw a  $638 million trade deficit in April, a 1.8 per cent decline from March. Energy exports declined more than $1 billion (10.7 per cent) accounting for the biggest chunk of the decline. Exports of refined energy products are said to have been lower due to refinery maintenance, according to the StatsCan report. Energy export volumes and prices were down 6.4 and 4.6 per cent, respectively, in April. Though, energy product exports rose 19.5 per cent year-over-year, the report showed.  The industrial machinery, equipment and parts sector also showed double digit growth over the past 12 months, up 15.5 per cent.

“We are hoping that the growth we’ve seen in key areas over the first three months of the year will continue,” said Canadian Manufacturers & Exporters President and CEO Jayson Myers. “We anticipate growth to be pack on the level of early post-recession growth and expect growth over the second quarter will be healthy.”

The full report can be viewed at: http://www.statcan.gc.ca/daily-quotidien/140604/t140604a002-eng.htm

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