Statistics Canada announced that Canada’s merchandise exports increased 5.5% in June, while imports rose 1.9%.
As a result, Canada’s merchandise trade balance with the world moved from a deficit of $1.6 billion in May to a surplus of $638 million in June after three consecutive monthly deficits.
The Federal agency notes that exports of crude oil and gold rose sharply in June and accounted for more than three-quarters of the increase in the value of total exports. Overall, 9 of the 11 product sections increased.
Total imports increased to $66 billion in June, a level virtually identical to the all-time high seen in June 2022. Overall, increases were observed in 9 of the 11 product sections.
Exports to the United States were up 2.6%, a third consecutive monthly increase, while imports from the United States rose 1.7%. As a result, Canada’s trade surplus with the United States widened from $8.8 billion in May to $9.4 billion in June, the largest surplus since November 2023.
Exports to countries other than the United States rebounded 15.7% in June while imports from those countries posted a more modest increase of 2.1%. As a result, Canada’s trade deficit with countries other than the United States narrowed from $10.4 billion in May to $8.7 billion in June.