Canada posted the widest merchandise trade surplus in almost six years in July as automobile shipments led exports to a record high.
The surplus grew to C$2.58-billion ($2.37-billion), the largest since October 2008, from C$1.83-billion in June, as exports rose to a record, Statistics Canada said today in Ottawa. Motor vehicle and parts shipments jumped 9.7 per cent to C$6.9-billion.
Canada needs sustained export gains to encourage businesses to boost investment and carry the world’s 11th largest economy to full output over the next two years, the country’s central bank said yesterday. The Bank of Canada kept its key interest rate at 1 per cent to extend the longest pause since the 1950s saying that increased U.S. demand and a weaker currency aided exports in the second quarter.
via Globe and Mail
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