Canadian international merchandise trade, April 2024

Released: 2024-06-06

In April, Canada's merchandise exports increased 2.6%, while imports rose 1.1%. As a result, Canada's merchandise trade deficit with the world narrowed from $2.0 billion in March to $1.0 billion in April.

Consult the "International trade monthly interactive dashboard" to explore the most recent results of Canada's international trade in an interactive format.

Chart 1 
Merchandise exports and imports

Exports of energy products and unwrought gold increase

Total exports rose 2.6% to $64.4 billion in April. This increase follows a 5.2% drop in March and a 5.4% increase in February. Overall, increases were observed in 8 of the 11 product sections in April. In real (or volume) terms, total exports were up 1.7%.

Chart 2 
Contribution to the monthly change in exports, by product, April 2024

Exports of energy products (+2.7%) increased the most in April, as many product categories experienced strong monthly variations. Exports of natural gas rose 60.1% in April, returning to more typical levels following a low in March, related in part to milder-than-usual temperatures in the northeastern United States. Exports of crude oil (+3.0%) also increased in April. After declining in March, the volume of crude oil exported rebounded in April, which coincided with a recovery in refining capacity in the US Midwest during the month. Exports of natural gas liquids were also up, led by higher exports of propane to Japan. These increases were partly offset by the decline in exports of refined petroleum products (-17.8%) and nuclear fuel (-40.7%).

Exports of metal and non-metallic mineral products rose 4.7% in April. After a sharp increase in February (+68.3%) followed by a large drop in March (-31.8%), exports of unwrought gold, silver and platinum group metals and their alloys—a category largely composed of unwrought gold—rose in April (+15.7%). While volumes of unwrought gold were responsible for the recent monthly variations in these exports, the increase in April was primarily attributable to higher prices. The geopolitical context and high demand for gold were factors that contributed to the increase in gold prices in April.

Chart 3 
Exports of unwrought gold, silver, and platinum group metals, and their alloys

Higher imports of cars, ships and unwrought gold

After falling 1.0% in March, total imports increased 1.1% to $65.5 billion in April, a level similar to the one observed in February. Overall, gains were recorded in 6 of the 11 product sections in April. However, in real (or volume) terms, total imports edged down 0.2%.

Chart 4 
Contribution to the monthly change in imports, by product, April 2024

Imports of motor vehicles and parts (+4.2%) posted the largest increase in April. This was the third consecutive monthly gain for this product section and followed four consecutive monthly decreases from October 2023 to January 2024. In April, imports of passenger cars and light trucks (+9.2%) contributed the most to the increase, driven largely by higher imports of sport utility vehicles and other light trucks from the United States. This increase coincided with higher production in the United States in March and April.

Chart 5 
Imports of passenger cars and light trucks

After falling 17.7% in March, imports of aircraft and other transportation equipment and parts increased 23.7% in April. While aircraft imports contributed the most to the decline in March, imports of ships (+$363 million) posted the largest gain in April. This increase was largely driven by the delivery of several ships in April, including a ferry from China that will run between Newfoundland and Nova Scotia.

Imports of metal and non-metallic mineral products rose 7.7% in April. The main contributor to the gain was imports of unwrought gold, silver and platinum group metals and their alloys (+30.7%). This increase was mostly the result of higher purchases of gold located abroad in April.

Chart 6 
Imports of unwrought gold, silver, and platinum group metals, and their alloys

Rise in exports both to the United States and to countries other than the United States

Exports to the United States were up 2.4% in April, while imports from that country rose 1.8%. As a result, Canada's trade surplus with the United States widened slightly from $6.9 billion in March to $7.3 billion in April.

Exports to countries other than the United States increased 3.1% in April. Higher exports to the United Kingdom (unwrought gold), Japan (copper ore and natural gas liquids) and Mexico (various products) were partly offset by lower exports to Hong Kong (unwrought gold). Meanwhile, imports from countries other than the United States edged down 0.1%.

As a result, Canada's trade deficit with countries other than the United States narrowed from $8.9 billion in March to $8.4 billion in April.

Chart 7 
International merchandise trade balance

Revisions to March merchandise export and import data

Imports in March, originally reported at $64.8 billion in the previous release, were essentially unchanged in the current reference month's release. Exports in March, originally reported at $62.6 billion in the previous release, were revised to $62.8 billion in the current reference month's release.

Monthly trade in services

In April, monthly service exports were essentially unchanged, at $16.9 billion. Meanwhile, imports of services rose 1.1% to $18.0 billion.

When international trade in goods and services are combined, exports increased 2.0% to $81.4 billion in April, while imports rose 1.1% to $83.5 billion. As a result, Canada's total trade deficit with the world went from $2.9 billion in March to $2.2 billion in April.

Products

The product "International trade monthly interactive dashboard" (Catalogue number71-607-X) is now available. This new interactive dashboard is a comprehensive analytical tool that presents monthly changes in Canada's international merchandise trade data on a balance-of-payments basis, fully supporting the information presented every month in the Daily release.

The product "The International Trade Explorer" (Catalogue number71-607-X) is now available online.

The online Canadian International Merchandise Trade Database is no longer available. It has been replaced by the Canadian International Merchandise Trade Web Application (Catalogue number71-607-X), a modern tool that provides trade data users with a number of enhancements.

The updated "Canada and the World Statistics Hub" (Catalogue number13-609-X) is now available online. This product illustrates the nature and extent of Canada's economic and financial relationship with the world using interactive charts and tables. It provides easy access to information on trade, investment, employment and travel between Canada and a number of countries, including the United States, the United Kingdom, Mexico, China, Japan, Belgium, Italy, the Netherlands and Spain.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).