Statistics Canada is now publishing quick monthly counts of import transactions. Although not as complete as the final trade statistics which are published around 35 days following a month's end, the count of import transactions for the immediate past month can serve as a useful indicator on the level of Canadian international trade activity.

The Federal Agency's announced numbers for the month of May are showing encouraging signs.

In April 2020, import transaction counts declined drastically compared with March, and were down 26.9% from April 2019. This came as significant measures were in place across Canada and throughout the world to contain the spread of COVID-19. In April, unadjusted import and export values were also significantly lower than in the same month in 2019 (-30.1% and -35.5%, respectively).

In May 2020, physical distancing restrictions began to be relaxed within Canada and in much of the world, leading to increased activity in some sectors of the economy. The import transaction count rose 14.8% in May compared with April, but was still 17.5% lower than in May 2019.

Statistics Canada says that while this result suggests that an increase in merchandise trade values is likely in May, these values are expected to remain well below pre-April levels. Merchandise trade values for the reference month of May will be published on July 2.