Home›Forex›Major Pairs›Canadian trade surplus turns positive in August, RBC s…

Canadian trade surplus turns positive in August, RBC says

RBC links the $4.2 billion surplus to higher energy prices and increased exports to the US ahead of late-month tariff moves.

Reported · Written up by our desk · Major Pairs

Royal Bank of Canada strategist Nathan Janzen said Canada’s trade balance swung to a $4.2 billion surplus in August, citing higher energy prices and a rush of exports to the United States ahead of new US tariffs imposed late in the month, according to FXStreet.

FXStreet reported that Janzen pointed to strong energy exports and resilient non-tariffed trade flows, while expecting limited broader economic spillovers and a gradual per-person recovery.

Looking ahead to September, FXStreet said energy prices kept rising, with crude oil prices up another 16%, and refined product exports also increasing, including diesel exports up 13% excluding price impacts in August.

FXStreet added that Janzen noted exports to the US, excluding tariffed products and energy products, rose about 16% year over year, and he expected the tariffs to have a significant impact mainly on directly targeted sectors.

Latest closeWTI crude $89.70 ▼1.6%

More like this

Sources