Canada's Trade Surplus Reaches Record High in June

Canada's trade surplus reached $3.9 billion in June, up from $3.7 billion in May, due to a weaker Canadian dollar that boosted the value of imports and exports.

The loonie dropped by 1.7 US cents in June compared to May, the largest monthly decline since October 2022, according to Statistics Canada.

Despite this, total exports in Canadian dollars rose 0.4% to a record $77.5 billion in June, with metal and non-metallic minerals exports increasing by 16.5%, largely due to higher gold shipments.

However, energy product exports dropped 10% as oil prices fell, offsetting the overall gain in exports.