Canada posted a second consecutive monthly trade surplus in December for the first time in more than two years, thanks largely to booming crude oil exports, Statistics Canada said on Tuesday.
The $923-million surplus exceeded analysts’ forecasts of a $350-million positive balance. Statscan revised November’s surplus sharply higher to $1.01-billion from an initial $0.53-billion.
The last time Canada recorded back-to-back trade surpluses was in August and September 2014. Although exports rose by 0.8 per cent in December, volumes actually fell by 1.4 per cent.
Energy product exports jumped by 15.9 per cent, the biggest month-on-month leap in six years, on strength in crude oil and bitumen. Exports of motor vehicles and parts fell by 5.2 per cent while exports of metal ores and minerals slumped by 12.6 per cent.
Imports increased by 1.0 per cent on higher imports of aircraft and other transportation equipment as well as metal products. Volumes grew by 0.4 per cent.
via Globe and Mail
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza