Canada exports to US hit record high

Canada’s trade deficit narrowed in April to CA$370 million ($274 million), as exports to the US hit a record high, the government statistical agency announced Friday.
The results were worse than the CA$30 million deficit forecast by economists, following a CA$936 million deficit in March (revised from the CA$135 million deficit first reported).
Canada exported a record CA$36.1 billion worth of goods to its neighbor, the US in April — mostly cars, natural gas and softwood lumber.
Imports from the US were up too, to CA$31.1 billion, widening Canada’s trade surplus with the US to CA$5 billion.
Total exports rose 1.8 percent to CA$47.7 billion, led by higher exports of cars and light trucks, while higher prices pushed up imports 0.6 percent to CA$48.1 billion.
Exports of natural gas led an increase in energy exports, attributed to higher prices.
There were also higher exports of coal to the Netherlands. Statistics Canada noted that coal exports have been strong in recent months as Australia’s coal industry recovers from Cyclone Debbie.
The agency also noted a bump in softwood lumber exports to the US, coming just ahead of new US countervailing duties of up to 24 percent.
Washington is alleging unfair competition in the forestry sector.
April saw record high imports, meanwhile, as prices for consumer goods, electronic and electrical equipment and parts, and basic and industrial chemical, plastic and rubber products soared.
There were fewer imports of aircraft from the US and ships from the Netherlands and Poland, and lower imports from Nigeria and Saudi Arabia of crude oil and bitumen.

Source: Arab News