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Canada’s export volumes hit all-time high in April

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OTTAWA (Reuters) – Canada’s exports jumped 2.5% in April, and hit an all-time high by volume, while imports declined 0.2% partly because of a fall in energy products, Statistics Canada said on Wednesday.

As a result, the country’s trade surplus with the world widened to C$1.94 billion ($1.45 billion) in April, more than double analysts’ forecasts of a C$900 million surplus. March’s surplus was downwardly revised to C$231 million, from C$972 million earlier.

The surge in exports was driven by metal and non-metallic mineral products as well as energy products, Statscan said. By volume, exports were up 2.8% and surpassed pre-COVID-19 pandemic levels.

The rise in metal product exports included higher transfers of gold assets from Canadian financial institutions to the United States, in a sign economic uncertainty is making investors favor the safe-haven metal, the agency said.

Imports declined for a third consecutive month, in part due to lower Crude shipments from Saudi Arabia and the United States. Imports of refined petroleum products also contributed to the decrease. By volume, total imports increased 1%.

($1 = 1.3394 Canadian dollars)

(Reporting by Ismail Shakil and Dale Smith in Ottawa; editing by Barbara Lewis)

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