A volatile trade picture in B.C. continued into April as goods exports fell four per cent month-to-month (unadjusted for seasonality) to $4.5 billion, while imports fell by a more rapid clip of 14 per cent to $6.2 billion. That said, exports were still up significantly year-over-year by 6.7 per cent, while imports rose a more modest 2.1 per cent.

Year-over-year growth patterns have been clouded by behavioural adjustments of exporters through last year’s tariff crisis. However, January-March 2025 data was boosted by front-loading of U.S. demand ahead of tariff measures, which artificially lifted Canadian exports during that period. Overall, trade took a large dip in April 2025 following the implementation of U.S. tariffs.

Current year-over-year growth has been driven primarily by energy products, which rose 9.7 per cent (+$128 million), along with metal ores and non-metallic minerals, up 19 per cent (+$89 million). Both benefited from stronger markets due to supply restrictions from the war in Iran. In contrast, the beleaguered forestry sector declined nine per cent (-$81 million) to $823 million, although April marked the highest monthly export value for the sector in nine months. Forestry continues to face headwinds from elevated U.S. softwood lumber duties, broader trade measures (including Section 232 tariffs), timber supply constraints and softer demand conditions.

Year-to-date, only two of the 11 major product categories have recorded export gains. Forestry exports fell 24.8 per cent (-$1 billion), while electronic and electrical equipment exports fell 19.6 per cent (-$247 million). By contrast, exports of metal ores and non-metallic minerals surged 52.7 per cent (+$996 million).

Looking at trading partners, B.C.’s exports to the United States fell 3.5 per cent month-over-month to just under $2.3 billion, though they remain up 9.1 per cent year-over-year. Imports from the U.S. declined 7.1 per cent to $2 billion. Meanwhile, imports from China dropped sharply, falling 29 per cent to $1.2 billion—the lowest monthly level since November 2024—largely reflecting reduced imports of machinery and equipment.

On the construction front, April building permits in Canada declined by 7.6 per cent (or $1 billion) month-over-month to $12.5 billion. The decrease was driven by a 10.5 per cent drop in non-residential permits alongside a 5.5 per cent decline in residential permits. In real (constant dollar) terms, total building permits fell 7.7 per cent month-over-month and were 2.7 per cent lower compared to a year earlier.

In B.C., building permit activity receded sharply in April following a substantial increase in the previous month, contributing significantly to the national decline. Total permit values fell 39.6 per cent month-over-month to $1.8 billion. Despite this drop, permit volumes remained 31.2 per cent higher on a year-over-year basis, highlighting the lumpiness and volatility of monthly data. The 12-month moving average has continued to trend upward since the latter half of 2025, largely supported by sustained strength in non-residential construction intentions, while residential activity remains comparatively subdued. On a constant dollar basis, total permit values declined by 39.8 per cent month-over-month.

Bryan Yu is chief economist at Central 1.