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Canada Posts $1 Billion Trade Deficit For April

Canada’s merchandise trade deficit with the world narrowed to $1 billion in April.

According to Statistics Canada, April’s trade deficit was an improvement over a $2 billion deficit recorded in March of this year.

The trade deficit was lowered as exports of natural gas and crude oil rose in April, said the federal statistics agency.

Canada’s total exports in April increased 2.6% to $64.4 billion, lifted by a 2.7% rise in shipments of energy products.

Exports of natural gas from Canada rose 60% in April as shipments returned to more typical levels following a big drop at the start of the year due to an unseasonably warm winter.

Crude oil exports climbed 3% higher as the volume of those exports also rebounded.

Exports of metal products from Canada rose 4.7% in April as shipments of gold increased 15.7%.

On the flipside, imports into Canada increased 1.1% to $65.5 billion in April due largely to motor vehicles and parts, which gained 4.2% during the month.

Imports of aircraft and other transportation parts gained 23% in April, boosted by the delivery of several ships, including a ferry boat will run between Newfoundland and Nova Scotia.

In volume terms, total exports from Canada rose 1.7% in April, while import volumes fell 0.2%.