Record Exports Leads to Large Canada Trade Surplus

Canada reported the largest merchandise trade surplus in more than two years in June as exports reached a record on gains in crude oil and metals.

The surplus was C$1.86 billion ($1.69 billion) in June, the widest since December 2011, Statistics Canada said today in Ottawa. Economists forecast the trade account would be balanced, according to the median of 17 forecasts in a Bloomberg News survey. The agency revised the May figure to a C$576 million surplus, from a C$152 million deficit.

Exports rose 1.1 percent to C$45.2 billion, higher than the C$44.5 billion peak set in 2008 before the last recession. Shipments of crude oil and bitumen rose 2.8 percent to a record C$8.9 billion. Metal and non-metallic minerals exports rose 9.7 percent to C$4.8 billion.

Bloomberg

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