From the Financial Post
OTTAWA — Canada ran a near-record trade deficit of $2.94 billion in April as the economy continued to struggle with weak crude oil prices that have slashed the value of exports and curbed growth.
The deficit, announced by Statistics Canada on Friday, was the 20th in a row and greater than the $2.45 billion shortfall forecast by analysts in a Reuters poll. March’s revised deficit of $3.18 billion is the record.
The shortfall narrowed from the previous month as exports rose 1.5 per cent from March on a slight recovery in oil prices and increased natural gas shipments to the United States. Volumes rose by 0.5 per cent while prices grew by 1.1 per cent.
“The volume increase in exports was slightly underwhelming and I think we will be downgrading what we are expecting out of April gross domestic product,” said Nick Exarhos, economist at CIBC Capital Markets.
