Canada records historic trade deficits: Statistics Canada
On Thursday, Statistics Canada published a report showing Canada had its largest merchandise trade deficit on record in April, reaching $7.1 billion.
On Thursday, Statistics Canada published a report showing Canada had its largest merchandise trade deficit on record in April, reaching $7.1 billion.
The historic deficit comes as U.S. tariffs triggered a sharp drop in exports to Canada’s largest trading partner, and trade with non-U.S. partners continues to lag behind.
Canada’s trade deficit with non-U.S. partners widened to $10.7 billion in April, as imports surged 8.3 per cent to a record $29 billion, vastly outpacing the 2.9 per cent increase in exports to $18.3 billion.
The April numbers followed a $2.3 billion shortfall in March, as exports to the United States plunged 15.7 per cent during the first full month of tariffs.
Canada’s trade surplus in merchandise with the United States shrank to $3.6 billion in April, even while imports from the U.S. dropped 10.8 per cent.
Total exports fell 10.8 per cent to $60.4 billion in April, their lowest level since June 2023.
In April, motor vehicles and parts led the decline in exports, ahead of consumer goods and natural resources.
The motor vehicle export decline is in line with major job losses in the auto sector, which saw Honda pulling out its CR-V production from Canada and relocating to the U.S.
GM and Stellantis closed their plants in Oshawa and Windsor, respectively, making up for combined layoffs of over 4,500 workers.
Imports also declined, down 3.5 per cent to $67.6 billion.
Vehicle and parts imports led the decrease, followed by smaller reductions in imports of industrial machinery, equipment, and parts.
In volume terms, or adjusted for prices, total exports dropped 9.1 per cent and imports fell 2.9 per cent in April.
Statistics Canada published data on Friday showing that Canada’s labour market is struggling to keep up with population growth caused by mass immigration, which has also caused a reduction in wages for Canadian workers.
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Always remember you low functioning Canadian Liberal voters, keep your elbows up and your heads planted in the dark place as Canada goes further and further into the dump. Are you happy how easily the legacy media and lying Liberals used you and now have tossed you away?