Canada had $1.9 billion merchandise trade surplus for August, StatCan says

Canada’s merchandise trade surplus more than doubled to $1.9 billion in August as exports of energy products climbed to their highest level since March 2014, Statistics Canada said.

The result compared with a trade surplus of $736 million in July.

According to an Oct. 5 news release from StatCan, total exports rose 0.8 per cent in August to $54.4 billion as exports of energy products climbed 5.1 per cent to $12.0 billion.

Exports of crude oil rose 2.1 per cent on the strength of increased volumes, while coal exports gained 42.9 per cent due to higher prices and higher exported quantities to China and South Korea. Exports of natural gas climbed 13.6 per cent, mostly due to higher prices.

Meanwhile, total imports fell 1.4 per cent to $52.5 billion in August after hitting a record high in July.

Imports of motor vehicles and parts fell 11.1 per cent, while imports of aircraft and other transportation equipment and parts dropped 28.8 per cent.

In volume terms, total exports rose 2.3 per cent in August, while imports fell 3.2 per cent.

The agency also said that Canada’s trade surplus with its largest trading partner rose to $8.6 billion in August compared with $6.8 billion in July as imports from the U.S. fell 6.2 per cent and exports moved down 0.7 per cent. Canada’s trade deficit with countries other than the U.S. increased to $6.7 billion in August compared with $6.0 billion in July.