Canada's Trade Surplus Continues to Climb
Surplus Widens to Record $9.4 Billion
Exports Boosted by Oil and Gold
Canada's trade surplus with the United States widened for a third consecutive month in June, reaching a record $9.4 billion. This is the largest surplus on record, surpassing the previous high of $7.4 billion set in March.
The surplus was driven by strong exports of oil and gold. Oil exports rose by 20% to $12.3 billion, while gold exports jumped by 30% to $2.1 billion. These gains were partially offset by a decline in exports of motor vehicles and parts, which fell by 5% to $10.1 billion.
Imports from the United States also declined in June, falling by 2% to $21.4 billion. This decline was led by a decrease in imports of consumer goods and automotive products.
Canada's overall trade surplus for the first half of 2023 now stands at $40.6 billion, up from $26.1 billion during the same period last year.
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