Canada imports plunge as chip shortages disrupt automobile trade
by Bloomberg Jun 08, 2021
Canada’s trade balance swung into surplus, as imports plunged due to supply disruptions in the auto industry.
The country posted an unexpected merchandise trade surplus of C$594 million ($492 million) in April from a revised deficit of C$1.35 billion a month earlier, Statistics Canada reported Tuesday in Ottawa. Economists were anticipating a deficit of C$800 million for the month.
The numbers reflect a sharp drop in imports, which were down 4.7%. That was led by a 22% decline in imports of motor vehicles, reflecting production shutdowns in the auto industry because of a shortage of semiconductors.
Excluding cars, imports were down 1.3%.
Exports fell 1% in April, also reflecting the auto assembly disruptions.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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