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Canada’s Export Volumes Surpass Pre-pandemic Levels

 Canada’s export volumes in April reached an all-time high and surpassed pre-COVID-19 pandemic levels, Statistics Canada announced Wednesday.

Following two consecutive monthly declines, total exports rose 2.5 percent in April. In real, or volume, terms, total exports were up 2.8 percent, the national statistical agency said.

According to the agency, exports of metal and non-metallic mineral products increased 13.6 percent, contributing the most to the growth in exports in April. Exports of unwrought gold hiked 46 percent, posting the largest increase, on both higher volumes and prices.

The gain largely reflected higher transfers of gold assets from Canadian financial institutions to the United States. These increases came amid a context of economic uncertainty, when investors tend to favour safe-haven metals such as gold and silver, the agency said.

Meanwhile, imports edged down 0.2 percent. As a result, Canada’s merchandise trade surplus with the world widened to 1.9 billion Canadian dollars (1.4 billion U.S. dollars) in April.

When international trade in goods and services are combined, exports increased 2 percent to 79.3 billion Canadian dollars (59.5 billion U.S. dollars) in April, while imports edged down 0.1 percent to 78.5 billion Canadian dollars (58.9 billion U.S. dollars). As a result, Canada’s trade balance with the world went to a surplus of 779 million Canadian dollars (584 million U.S. dollars) in April, Statistics Canada said. 

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