Higher oil prices power Canadian petroleum trade to a 2-year high

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.

Petroleum exports now represent 18.7% of Canada's total exports, down from a high of about 27% in mid-2008 and early 2014, when WTI traded closer to US$140 and US$100, respectively. WTI averaged about US$66 a barrel for the month of April.

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.

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