EDC Export Performance Monitor - June 2015

Canada's exports decreased 0.7% in April on slightly higher volumes but weaker prices. Imports dropped 2.5% from previous record high in March, reversing the previous month’s surprisingly strong growth and suggesting that the weaker dollar is weighing on import demand. Year-to-date exports remained below last year's pace, down 1.2%, dragged by weaker prices. The merchandise trade deficit narrowed to $3.0 billion in April compared to the record $3.9 billion in March.
 
April exports increased in four of 11 broad categories led by a rebound in energy products, notably on strong crude and bitumen volumes, followed by agri-food and automotive products, both benefiting from the lower Canadian dollar and the robust US demand. Six of 11 broad sector categories posted declines, led by consumer goods and forestry products as well as industrial products. Although aircraft exports were also down slightly, this sector remains solidly above last year's pace.
 
Demand from China was particularly strong, followed by  modest growth in exports to the US, reflecting the effect of the lower Canadian dollar, while demand from Japan and European countries weakened during April as these currencies weakened alongside the Canadian dollar. The rebound in energy exports was led by demand from Newfoundland and Labrador, while the increases in agri-food and automotive exports were led respectively by Ontario and Saskatchewan.

The full report is available on the EDC website.