OTTAWA, Ont. — A sharp drop in energy sector business has led to Canadian exports suffering the worst decline in more than two years in April.
Canadian companies shipped exports worth $33.7 billion, down 4.5% from March, the largest monthly decline since February 2001, Statistics Canada reported this morning. Meanwhile, imports fell 1.3% to a 12-month low of $29.6 billion.
As a result, Canada’s trade surplus with the rest of the world fell from $5.3 billion in March to $4.1 billion in April, the lowest level since December 2002.
Energy exports accounted for most of the total drop in merchandise exports, as prices fell from nearly a two-year high.
Exports to the United States, which accounted for 83% of the total, fell 4.5% to $28.1 billion, again the biggest monthly decline since February 2001.
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News