Canada returns to trade surplus in June

Thursday, 05 August 2021 19:08:32 (GMT+3)   |   San Diego

According to Statistics Canada, a sharp increase in exports resulted in Canada's merchandise trade balance returning to a surplus position in June, reaching $3.2 billion. This follows a $1.6 billion deficit in May. Exports of goods rose 8.7 percent in June, while imports decreased 1.0 percent.

Total exports reached a record $53.8 billion in June, up 8.7 percent or $4.3 billion compared with the previous month. Excluding the strong fluctuations of 2020, the increase in value in June was the largest on record. Exports were up in 9 of the 11 product sections and non-energy exports rose 5.5 percent. In real (or volume) terms, total exports increased 7.0 percent.

Total imports decreased 1.0 percent in June to $50.5 billion. Imports were down in 7 of the 11 product sections. In real (or volume) terms, total imports fell 2.2 percent in June.

Exports to the United States rose 8.2 percent to a record $39.7 billion in June, supported by higher exports of crude oil and of passenger cars and light trucks. Imports from the United States increased 1.9 percent. As a result, Canada's trade surplus with the United States widened from $5.9 billion in May to $8.3 billion in June, the largest surplus since August 2008.

Exports to countries other than the United States increased 10.2 percent in June, with higher exports to Hong Kong (gold), the Netherlands (aluminum, iron ores and crude oil), China (copper ores and canola), and the United Kingdom (gold).

Imports from countries other than the United States decreased 5.3 percent in June, with declines observed for most Asian countries that are included in the principal trading partner classification. Imports from China (-9.6 percent) posted the largest decrease, which coincided with port disruptions in China in June related to COVID-19 outbreaks.

Canada's trade deficit with countries other than the United States narrowed from a record $7.5 billion in May to $5.1 billion in June.

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