Imports rose 2.4% to $49.8 billion
Canadian exports south of the border rose 5.4% to a record high $36.1 billion in April
Driving the gain was a 7% increase in energy exports; trade deficit narrows
Economists had expected a surplus of $500 million
The proposed tax measure would hurt current account balances and GDP growth for major exporters to the U.S.
However, export volumes continue to track year-on-year declines
The credit-rating agency expects to see a recovery in investment to drive 1.9% real gross domestic product growth for Canada in 2017
Canada continues to face stiff competition from other countries
Increased traded integration can make an economy less sensitive to exchange-rate movements and make domestic inflation more dependent on international factors
For Canada, the TPP is most important, followed by potential trade deals with China, the Pacific Alliance, India and ASEAN nations, C.D. Howe report finds