In April, Canada recorded its largest merchandise trade deficit at $7.1 billion, a sharp increase from March's $2.3 billion deficit. Exports plummeted by 10.8% to $60.4 billion, primarily driven by significant decreases in motor vehicles and energy products. Meanwhile, total imports experienced a smaller decline of 3.5% to $67.6 billion. The trade surplus with the U.S. shrunk to $3.6 billion, the lowest since December 2020, as both exports and imports with the U.S. fell sharply. Trade deficits with other nations also grew, underscoring challenges in Canada's trade relations.
Canada's trade deficit hit a record $7.1 billion in April, driven by a significant drop in exports, largely impacted by U.S. tariffs.
Exports fell 10.8% in April, with notable declines in motor vehicles and energy products, while imports also decreased but at a lesser rate.
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