Canada's Foreign Trade Turns Surplus In April

Canada's international trade balance went from a deficit of 1.3 billion Canadian dollars in March to a surplus of 594 million Canadian dollars in April 2021, according to Statistics Canada on Tuesday

OTTAWA (UrduPoint / Pakistan Point News - 9th Jun, 2021 ) :Canada's international trade balance went from a deficit of 1.3 billion Canadian Dollars in March to a surplus of 594 million Canadian dollars in April 2021, according to Statistics Canada on Tuesday.

In April, Canada's imports fell 4.7 percent while exports decreased 1 percent. Both were attributable in large part to significant decreases in the trade of motor vehicles and parts.

This was mainly the result of production shutdowns in the auto assembly industry in April because of the shortage of semiconductor chips.

Following a 6.1 percent increase in March, total imports fell 4.

7 percent in April to 49.6 billion Canadian dollars, representing the strongest percentage decrease since the historic declines of April 2020 because of the COVID-19 pandemic.

Excluding motor vehicles and parts, imports fell 1.3 percent. In real terms, total imports declined 6.8 percent in April.

Total exports were down 1 percent in April to 50.2 billion Canadian dollars, with six of 11 product sections posting declines.

Excluding the motor vehicles and parts category, exports rose 1.6 percent in April. In real terms, total exports fell 3.5 percent.One Canadian Dollar is about 0.79 U.S. dollar.