RTTNews - Canada posted a trade deficit with the world of $179 million in April following a surplus of $1.0 billion in March, according to data released Wednesday by Statistics Canada. Economists expected a surplus of $900 million.
Exports and imports have generally been trending downwards since the peak of July 2008, but have accelerated lower in the past few months.
Merchandise exports fell 5.1% to $30.8 billion in April, mostly due to a 3.2% reduction in prices while volumes decreased 1.9%.
Lower exports of industrial goods and materials, energy products, and machinery and equipment largely accounted for the decrease in overall exports. Gains in agricultural and fishing products, and automotive products partially offset the decline.
Imports decreased 1.5% to $31.0 billion, mainly a result of declines in industrial goods and materials as well as machinery and equipment. Import prices were down 1.8% while volumes edged up 0.3%.
Exports have fallen $13.6 billion or 30.6% since July 2008. In comparison, imports have declined $8.5 billion or 21.6% since July 2008.
Canada's trade surplus with the United States shrank from $3.5 billion in March to $2.8 billion in April, as exports and imports both declined.
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