Canadian Manufacturing

Merchandise trade deficit more than doubles in April as exports plunge

Statistics Canada says the deficit rose to $3.3 billion in April compared with a deficit of $1.5 billion in March

June 4, 2020  The Canadian Press

OTTAWA — Statistics Canada says the country’s merchandise trade deficit in April more than doubled compared with March as exports fell to their lowest level in more than a decade.

The agency says the deficit rose to $3.3 billion in April compared with a deficit of $1.5 billion in March.

The increase came as exports fell 29.7% to $32.7 billion in April as the steps take to slow the spread of the pandemic forced shutdowns in the manufacturing sector, retailers closed and energy prices fell.

Imports were down 25.1% at $35.9 billion, their lowest level since February 2011.

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Statistics Canada says the monthly declines in exports and imports, in both absolute value and percentage terms, were the biggest on record.

In volume terms, exports were down 19.9% in April and imports fell 24.8%.


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