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06.08.2024

Canada's trade balance unexpectedly swings into surplus in June

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). 

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