Canada posts largest merchandise trade deficit on record [Video]

Canada posted its largest merchandise trade deficit on record in April at $7.1 billion as exports fell sharply in the face of U.S. tariffs.

Statistics Canada said Thursday the result for April followed a deficit of $2.3 billion in March.

Overall exports fell 10.8 per cent in April to $60.4 billion, their lowest level since June 2023, as exports of motor vehicles and parts dropped 17.4 per cent.

Exports of consumer goods also fell 15.4 per cent, while exports of energy products dropped 7.9 per cent.

Meanwhile, total imports fell 3.5 per cent in April to $67.6 billion as imports of motor vehicles and parts lost 17.7 per cent and industrial machinery, equipment and parts dropped 9.5 per cent.

In real or volume terms, total exports fell 9.1 per cent in April, while imports fell 2.9 per cent in April.

Canada posted a merchandise trade surplus with the U.S. of …