Stats of Canada, the country had a $594 million merchandise trade balance in April

The global shortage of semiconductor chips affected both imports and exports in the car sector, resulting in a $594 million merchandise trade surplus for Canada in April.

The April result contrasted to a revised deficit of $1.3 billion in March, according to Statistics Canada.

Global supply chain disruptions haven’t been limited to Canada’s economy, according to TD Bank analyst Omar Abdelrahman, and the underlying foreign demand picture for exports remains strong.

Abdelrahman stated “Canada’s largest trading partner, the U.S., is witnessing a strong economic rebound and solid manufacturing sentiment readings, supported by an early reopening and sizable fiscal stimulus”.

Both imports and exports declined in April, according to Statistics Canada, pulled down by the car sector, which has been hampered by a scarcity of computer chips.

Automobile manufacturers have been compelled to reduce output due to a global scarcity.

In April, total imports to Canada plummeted 4.7 percent to $49.6 billion, with motor vehicle and components imports down 22.1 percent. Imports declined 1.3 percent, excluding motor vehicles and parts, according to Statistics Canada.

In April, total imports to Canada plummeted 4.7 percent to $49.6 billion, with motor vehicle and components imports down 22.1 percent. Imports declined 1.3 percent, excluding motor vehicles and parts, according to Statistics Canada.

However, total exports dipped 1.0 percent to $50.2 billion in April, with motor vehicle and components shipments falling 18.1 percent. Exports grew 1.6 percent in April, according to Statistics Canada, excluding motor vehicles and parts.

Canada’s trade surplus with the United States jumped to $6.4 billion in April from $4.2 billion in March, as imports decreased while exports to the United States soared owing to shipments of seafood and softwood lumber.

In April, Canada’s trade deficit with nations other than the US was $5.8 billion, up from $5.5 billion in March.

Total imports declined 6.8% in volume in April, while total exports dropped 3.5 percent.

In April, service exports dipped 2.2 percent to $9.3 billion, while service imports jumped 2.2 percent to $9.5 billion, according to Statistics Canada.

According to the report, Canada’s combined trade surplus for goods and services was $368 million in April.