Higher oil prices power Canadian petroleum trade to a 2-year high
In its latest international trade data released this week, Statistics Canada reported record exports for the month of April (in Canadian dollar terms), with most of those gains seen in the sale of energy products.
For the month April, Canada's total merchandise exports rose 1.6% to a record $48.6 billion, while imports declined 2.5% to $50.5 billion. Canada imported $3.21 billion in petroleum products while exports were reported at $8.98 billion. Energy exports and imports (excluding power) are at a 2-year high due to higher prices for crude oil and refined petroleum products.
Canadian petroleum trade data is published monthly by Statistics Canada, two months in arrears. Energy trade figures (which includes crude oil, natural gas and refined products), are posted under the "Canadian Energy Statistics" webpage in both in Canadian dollar terms and as a percentage of total merchandise exports.