Canada's Trade Surplus Soars on Crude Oil Price Surge

Canada's trade surplus in April reached its highest level in 15 months due to soaring crude oil prices, which were fueled by tensions over Iran.

The surplus surged by 55% to C$2.72 billion ($1.95 billion), exceeding analysts' forecasts of a C$2.57 billion surplus.

Crude oil exports rose 7% in April, accounting for the largest contribution to the increase in total exports, which reached a record high of C$75.16 billion.