EDC Export Performance Monitor, June 2017

The momentum behind Canada’s export growth remained solid in April as merchandise exports increased by 1.8% and reached a new record value. This continued the strong trend which has seen the value of exports grow by a compound annual growth rate of 18.5% since June 2016. On the strength of this growth, Canada’s trade deficit with the world declined to $370 million in April, from a revised $936 million a month earlier.

April’s growth was widely distributed as 8 of 11 major industry categories saw exports expand and volumes increased by 1.1% in the month and prices by 0.7%.

On an industry basis, gains were led by the metal ores and non-metallic minerals (10.1%), motor vehicles and parts (4.4%) and forestry (4.7%) sectors. While overall forestry exports increased in April that was in spite of a decline coming from the Logs, Pulpwood/Other Forestry products subsector.

Despite the increased attention on international trade architecture over the past year, continuing economic growth and strong demand in the US resulted in exports increasing by 5.4% in April. The 0.3 cent decline in the Loonie relative to the US dollar also provided a boost. After a strong March, exports to countries other than the United States fell by 7.8% as exports of unwrought gold to a number of countries declined.

The full report is available on the EDC website.