Canada’s June trade surplus balloons on oil exports
OTTOWA (AFP) – The Canadian trade surplus leaped 11.5 percent in June to 5.8 billion Canadian dollars (5.4 billion US), thanks to a rise in energy exports to the United States, Canada Statistics said Tuesday.
The figure was in line with most analysts’ expectations of a surplus of 5.7 billion dollars.
The national statistical agency revised lower the May surplus to 5.2 billion Canadian dollars from the initial estimate of 5.5 billion.
Overall exports were lifted by exports of energy products, in particular crude oil exports to the US, Canada’s largest trading partner and neighbor.
Exports rose 3.1 percent to 43.2 billion dollars as prices climbed 4.5 percent while volumes shrank 1.4 percent, Statistics Canada said.
Exports of energy products advanced for the eight month in a row, rising 11.5 percent to 12.8 billion dollars.
Imports rose 2.0 percent to 37.4 billion dollars, the third consecutive monthly increase and the eighth in the past 12 months.
Exports to the US, which imports some 75 percent of Canada’s international exports, climbed 5.3 percent to 32.8 billion dollars.
Imports from the US increased more modestly, leaving Canada with a trade surplus with its southern neighbor of 9.6 billion dollars in June, up from 8.1 billion in May.
Excluding the US, Canada had a trade deficit with the rest of the world that rose to 3.9 billion dollars in June from 2.9 billion in May.
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