Trade surplus drops despite export energy growth

OTTAWA — Imports outpaced the growth of exports as Canada’s trade surplus decreased for the first time in four months.

According to Statistics Canada, the nation’s trade surplus declined to $5.1 billion in April from a revised $5.7 billion in March.

Canada’s exports grew for the fourth consecutive month, increasing 0.8 percent to $39.9 billion in April. This growth coincided with rising energy prices and energy products increased 2.5 percent on the strength of crude petroleum and natural gas.

Exports to the U.S. increased for the fourth month in a row, reaching $30.6 billion, their highest level since April 2007. Meanwhile, imports from our southern neighbor grew at a faster pace, thus reducing the trade surplus with Canada’s largest trading partner to $8.2 billion.

Exports to countries other than the U.S. declined for the first time in four months, while imports grew. Consequently, the trade deficit with all of these countries as a whole expanded to $3.1 billion.

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