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
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.
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%.