OTTAWA: Canada's trade deficit with the world narrowed in April to Can$1.9 billion as exports hit a record high, according to government data released Wednesday.
The deficit was half what economists had forecast and the previous month's deficit of Can$3.9 billion, which was revised down slightly by Statistics Canada.
According to the government statistical agency, exports in April rose 1.6 percent to a record Can$48.6 billion, continuing an upward trend over the past six months, while imports pulled back from a record high the previous month, down 2.5 percent to Can$50.5 billion.
For the first time in six months, Canada's trade surplus with the United States -- its largest trading partner -- also rose, to Can$3.6 billion.
This was attributed to a decline in imports of passenger cars and light trucks and higher oil exports to its southern neighbor.
Total exports of metal and non-metallic mineral products were up in the month, led by unwrought precious metals and precious metal alloys that included higher sales of unwrought gold to Hong Kong, following its refining in Canada.
Exports of consumer goods increased on mostly higher pharmaceutical and medicinal products exports to the United States.
Higher exports of dried peas to Asia also helped push up exports of food products. And, crude oil and bitumen exports continued to rise.
Following two months of strong increases, total imports of motor vehicles and parts decreased.
Pharmaceutical and medicinal products imports also fell, mostly due to lower imports from Switzerland, Belgium and the United States.
These declines were partially offset by an uptick in imports of refined petroleum energy products, as temporary shutdowns in Canadian refineries led to higher imports of motor gasoline and diesel fuel to meet domestic demand.
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