Forex▲ Bullish
Canada's Trade Surplus Widens; Weaker Loonie Boosts Headline
Canada's trade surplus widened to CAD 3.9B in June. The weaker loonie inflated export values; in US-dollar terms both exports and imports fell. Export volumes still rose 1.1%.
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Canada recorded its fourth consecutive monthly merchandise trade surplus in June, with exports and imports both reaching record levels. The surplus widened to CAD 3.9 billion from CAD 3.7 billion in May, Statistics Canada data showed.
Exports rose 0.4% month-on-month to CAD 77.5 billion, while imports edged up 0.2% to CAD 73.6 billion. Exports have increased for five straight months, up 22.8% since January.
The headline strength partly reflected exchange-rate movements. The Canadian dollar posted its largest monthly decline against the US dollar since October 2022, boosting the value of trade when converted into Canadian dollars. In US-dollar terms, both exports and imports contracted by around 2% in June. Export volumes rose 1.1%.