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Monday, June 21, 2021

Canada April international merchandise trade balance +$0.59B vs -$0.70B expected

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Canadian trade balance data for April 2021:

Canada trade balance
  • Prior was -$1.14B
  • Imports -4.7% vs +5.5% prior
  • Exports +1.0% vs +0.3% prior
  • Trade surplus with US $6.4B vs $4.3B prior
  • Trade deficit with other countries $5.8B vs $5.4B prior
  • Full report

The commodity rally has improved Canada’s terms of trade with Q1 showing the first surplus since 2016.

There was a significant decrease in auto trade in the month, in large part due to production slowdowns related to chip shortages.

Canadian consumer goods exports jumped 14.4% in the month and Statistics Canada offered this helpful hint on why:

To reduce the risk for the endangered North American right whales, the
snow crab season opened almost one month earlier this year, leading to a
significant increase in exports of crab in April.

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