Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019.  THE CANADIAN PRESS/Sean Kilpatrick

Statistics Canada reports merchandise trade surplus rose to $1.9B in April

Statistics Canada say the country’s merchandise trade surplus increased to $1.9 billion in April, helped by higher exports of gold, oil and cars and light trucks.

The result followed a revised surplus of $231 million in March. The agency’s initial reading for March released last month had indicated a surplus of $972 million.

Exports for April rose 2.5 per cent to $64.8 billion as exports of metal and non-metallic mineral products gained 13.6 per cent, lifted higher by a 46.0 per cent gain in unwrought gold.

Exports of energy products gained 6.4 per cent as higher prices helped lift crude oil exports 7.1 per cent. Exports by the motor vehicles and parts sector rose 7.4 per cent as exports of passenger cars and light trucks gained 7.7 per cent and engines and parts added 9.9 per cent.

Meanwhile, imports in April fell 0.2 per cent to $62.9 billion as imports of energy products fell 12.8 per cent with crude oil imports down 20.5 per cent, in part due to lower shipments from Saudi Arabia and the United States.

In volume terms, total exports rose 2.8 per cent to top their pre-pandemic levels and hit an all-time high, while imports gained 1.0 per cent.