Statistics Canada announced on Thursday that Canada’s merchandise trade deficit stood at CAD0.97 billion in April, narrowing from a revised CAD2.34 billion gap in March (originally a CAD3.21-billion deficit). That was the smallest trade gap since October 2018.

Economists had expected a deficit of CAD2.80 billion.

According to the report, the country’s exports increased 1.3 percent m-o-m in April, due mainly to higher exports of metal and non-metallic mineral products (+15.0 percent m-o-m), particularly gold.

Meanwhile, imports fell 1.4 percent m-o-m in April, mostly on lower imports of aircraft and other transportation equipment and parts (-23.6 percent m-o-m).