Statistics Canada announced that Canada’s merchandise exports rose 4.1% in May, compared with April, a fifth consecutive monthly increase. As for imports, they decreased 0.7%.
As a result, Canada’s merchandise trade surplus with the world widened from $2.2 billion in April to $5.3 billion in May, the largest trade surplus since August 2008.
The Federal Agency said total exports reached $68.4 billion, the fifth consecutive monthly increase and the 10th gain over the past 12 months. Total imports decreased slightly to $63.1 billion.
On a per country basis, exports to countries other than the United States were up 10.6% compared with April, reaching a record-high $15.5 billion. Imports from those countries were down 2.3% in May. Following the record $10.7 billion deficit observed in April, the merchandise trade deficit with countries other than the United States narrowed to $8.6 billion in May.
Exports to the United States increased by 2.4% in May, largely because of higher exports of crude oil. Meanwhile, imports from the United States edged up 0.3%. As a result, Canada’s trade surplus with the United States widened from $12.9 billion in April to $14.0 billion in May, another record high.