Canada Surprises with $8.84 Billion Current Account Surplus in Q2

Canada's current account recorded a surplus of C$8.84 billion in Q2 2024, far exceeding market forecasts that projected a deficit of C$2 billion.

The sharp increase in exports, particularly energy and agricultural products, alongside a rise in service exports such as travel and transportation, propelled the surplus.

A moderate weakness in the Canadian dollar during the quarter also made exports more competitive on global markets.

The data suggests that Canada's external sector is more resilient than many analysts believed.