Canada Trade Surplus Widens to 2-1/2 Year High in June


Canada's surplus increased to $1.9 billion in June from $576 million in the previous month, reaching its highest level since December of 2011. Exports rose 1.1 percent to a record high driven by metal and non-metallic mineral products, consumer goods, and energy products sales.

Shipments increased to a record high of $45.2 billion (volumes increased 1.0% and prices edged up 0.2%) while imports decreased to $43.3 billion (volumes fell 1.7% and prices edged down 0.1%). 

Exports to the United States were unchanged at $34.1 billion in June, while inflows were up 1.5% to a record high $29.1 billion. As a result, Canada's trade surplus with the United States narrowed from $5.4 billion in May to $5.0 billion in June.

Sales to countries other than the United States grew 4.8% to $11.1 billion, led by the European Union (+12.1%). Purchases from countries other than the United States fell 7.8% to $14.3 billion as declines were recorded for the principal trading area "all other countries" (-8.3%) and the European Union (-10.8%). Consequently, Canada's trade deficit with countries other than the United States narrowed from $4.9 billion in May to $3.1 billion in June.

Exports of metal and non-metallic mineral products increased 9.7%, sales of consumer goods rose 8.3% and shipments of energy products were up 2.5%. Partially offsetting these increases, exports of motor vehicles and parts fell 6.3% to $6.2 billion in June after recording four consecutive monthly gains.

Canada Trade Surplus Widens to 2-1/2 Year High in June


Statistics Canada | Nuno Fontes | nuno@tradingeconomics.com
8/6/2014 1:45:53 PM