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Canada’s trade surplus widens to CAD 3.9B as exports hit records

Exports rose to CAD 77.5B and imports to CAD 73.6B in June, but in US-dollar terms both contracted by about 2%.

Reported · Written up by our desk · Major Pairs

Canada logged its fourth consecutive monthly merchandise trade surplus in June, widening modestly to CAD 3.9B from CAD 3.7B, according to data cited by Action Forex.

Exports rose 0.4% month over month to a record CAD 77.5B, while imports edged up 0.2% to CAD 73.6B, extending a five-month run of export growth and bringing exports up 22.8% since January.

The report noted that the “headline” strength was partly driven by currency effects, with the Canadian dollar posting its largest monthly decline against the US dollar since October 2022. In US-dollar terms, both exports and imports contracted by around 2%, even as export volumes increased 1.1%.

Bilateral trade with the United States stayed firm, with shipments to the US rising 0.3% to extend a five-month growth streak, while imports from the US climbed 3.0%, including gains driven mainly by computers and related equipment. Outside the US, imports fell 3.7% on weaker purchases from China, South Korea, and Germany, while exports to non-US markets increased 0.7%, helped by stronger gold shipments to the United Kingdom even as energy and aluminum shipments weakened to the Netherlands.

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