Statistics
Canada announced on Tuesday that Canada recorded a trade surplus of CAD0.64
billion in June compared to a revised deficit of CAD1.61 billion (from CAD1.93 billion) in May. This was the first
trade surplus since February.
Economists had anticipated
a shortfall of CAD1.84 billion.
According to the report, Canada’s exports surged
by 5.5 per cent m-o-m to CAD66.65 billion in June, its highest level since
January 2023, as 9 of 11 product sections posted advances in exports, led by metal
and non-metallic mineral products (+11.8 per cent m-o-m), energy products (+11.7
per cent m-o-m) and aircraft and other transportation equipment and parts (+8.9
per cent m-o-m).
Meanwhile, imports increased by 1.9 per cent m-o-m to
CAD66.01 billion in June, its highest level since June 2022, as 9 of the 11 product sections recorded
gains, driven by energy products (+5.2 per cent m-o-m), motor vehicles and
parts (+5.1 per cent m-o-m), and consumer goods (+3.7 per cent m-o-m).