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Canada exports edge up in April on seafood and motor vehicles -Breaking

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© Reuters. FILEPHOTO: Fishing boats for salmon sit at the mouth Fraser River while freighters go up and downstream in Steveston, British Columbia on September 1, 2010. REUTERS/Andy Clark

OTTAWA, (Reuters) – Canada’s April exports rose 0.6%, driven by exports of motor vehicles and frozen seafood, although lower production offsets by an increase in imports, Statistics Canada reported on Tuesday.

C$1.50 Billion ($1.19 Billion) was the country’s net trade surplus with other countries. This is below analysts forecasts of C$2.9 trillion and down from March’s revised C$2.28 Billillion.

Statscan reported that Canada’s value in exports rose 12.8% from the beginning of 2022 but fell 4.9% in real terms. However, higher commodity prices have offset lower volume.

Although April saw the highest exports for motor vehicle parts since October 2020 they are still below levels pre-pandemic. The auto industry continues to struggle with its supply-chain problems.

Seafood exports rose due to higher crab prices. In April, energy exports hit a record high as crude oil production fell due to maintenance shut downs. This was partially offset partly by the surging market and increased coal exports.

Exports were up on the side of consumer goods while exports to metal and nonmetallic mineral products saw record levels, driven by silver. High gasoline prices led to an increase in imports.

Canadian Dollar traded at 1.26 US cents to the greenback. That’s 0.2% more.

($1 = 1.2600 Canadian dollars)

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