Canada Records Unexpected Trade Surplus in June

Surprise Surplus

Ottawa, August 6, 2024 - Canada has recorded a surprise trade surplus of C$638 million in June, according to data released by Statistics Canada on Tuesday. This marks the first time in four months that exports have exceeded imports.

Exports and Imports

The trade surplus was primarily driven by increased exports of oil and gold. Exports rose by 5.5%, while imports increased by 1.9%. The country's trade surplus with the United States also widened to C$9.4 billion, up from C$8.8 billion in May.

The unexpected surplus has come as a relief to economists and policymakers who were expecting a trade deficit in June. The strong export performance suggests that the Canadian economy is more resilient than previously thought.