Oil, gold boost Canada’s $461m trade surplus in June

Canada posted a trade surplus of C$638 million ($461 million) in June, driven by strong exports of oil and gold, according to Statistics Canada data released on Tuesday.

Total exports surged by 5.5 per cent in June, driven by crude oil and unwrought gold, while imports rose by 1.9 per cent, mainly due to cars and light trucks. In terms of volume, exports increased by 3.8 per cent and imports by 1.3 per cent in June.

Energy product exports increased by 11.7 per cent in June, mainly due to a 13.3 per cent increase in crude oil exports. The rise in exports was driven by higher volumes, particularly to Asian countries.

Meanwhile, total imports rose by 1.9 per cent to $66.0 billion in June, reaching a level similar to the record high in June 2022. Imports increased in 9 out of 11 product categories in June 2024.

In June, Canadian exports to the United States increased by 2.6 per cent for the third consecutive month, and imports from the United States also rose by 1.7 per cent.

This led to a widening of Canada’s trade surplus with the United States from $8.8 billion in May to $9.4 billion in June, marking the largest surplus since November 2023.

Attribution: Statistics Canada data