Canada's Trade Surplus Soars on Crude Oil Price Boom

Canada's trade surplus reached a 15-month high in April due to soaring crude oil prices, which were driven by the uncertainty surrounding the Iran conflict.

Total exports increased by 1.6% to C$75.16 billion, with energy product exports rising 9.7%. Crude oil exports contributed significantly to this gain, increasing by 7.0%.

The overall increase in total exports was offset by a 17.5% decrease in metal and non-metallic mineral products exports, largely due to lower gold shipments to Britain.

Imports edged up 0.3% to C$72.44 billion, primarily driven by a 16.9% increase in basic and industrial chemical imports.