$3.9 Billion Trade Surplus Boosted by Weaker Loonie

Canada's merchandise trade surplus rose to $3.9 billion in June, up from $3.7 billion in May, according to Statistics Canada.

The increase was driven by a weaker Canadian dollar, which dropped 1.7 cents US in June compared to May, the largest monthly decline since October 2022.

When expressed in U.S. dollars, exports declined two percent in June, while imports fell 2.1 percent.

Total exports gained 0.4 percent in June to reach a record $77.5 billion, with metal and non-metallic minerals exports rising 16.5 percent due to higher gold shipments.

However, energy product exports dropped ten percent as oil prices fell.