Canada Trade Surplus Hits Four-Year High on Weaker Dollar

Canada's trade surplus widened to $3.86 billion in June, its highest level since May 2022, due largely to a weaker Canadian dollar rather than economic strength.

The average value of the Canadian dollar decreased by 1.7 US cents compared with May, the largest monthly decline since October 2022.

Exports rose by 0.4 percent in Canadian dollar terms, but dropped by 2.0 percent when expressed in U.S. dollars, while imports edged up by 0.2 percent in Canadian dollar terms and posted a 2.1-percent loss in U.S. dollar terms.

The surplus was driven in part by a 16.5-percent jump in the value of shipments of metal and non-metallic mineral products, but was offset by a 10-per-cent decrease in exports of energy products on lower prices.