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Canada's trade deficit narrows on record exports

Canada's trade deficit narrowed more than anticipated in April as exports rose to a record level.

The country's merchandise trade deficit shrunk to C$1.90 billion in April from the revised C$3.93 billion in March, Statistics Canada said. Econoday had estimated a deficit of C$3.0 billion.

Exports increased 1.6% month over month to a record C$48.56 billion, reflecting higher exports of metal and nonmetallic mineral products, consumer goods and energy products.

Imports fell 2.5% to C$50.47 billion, with motor vehicles and parts and consumer goods leading the decline.

Canada's trade surplus with the U.S. widened to C$3.63 billion in April from C$2.03 billion in March amid higher exports of crude oil and crude oil bitumen to the U.S. This was the first time the surplus with the U.S. has increased in six months.

The U.S. recently imposed punitive steel and aluminum tariffs on Canada, the EU and Mexico. Canada hit back by announcing its own retaliatory tariffs against U.S. products, worth C$16.6 billion.

The latest dataset comes amid little progress being made on modernizing the North American Free Trade Agreement.