Canada’s trade surplus grows to $3.9-billion in June as weak loonie boosts value of imports, exports
Canada's trade surplus rose to $3.9-billion in June, driven by a weaker loonie that increased the value of exports. While energy exports declined due to lower oil prices, gains in minerals and a surge in computer imports contributed to the overall economic figures.
Why it matters
Trade balance data is a critical indicator of national economic health and currency strength, influencing monetary policy and market expectations.
The Global Container Terminals' Deltaport facility in Delta, B.C., last month. The volume of Canadian exports in June rose 1.1 per cent, while that of exports dropped 1.5 per cent. DARRYL DYCK/The Canadian Press
Canada’s merchandise trade surplus increased to $3.9-billion in June as a weaker loonie pushed trade values higher, Statistics Canada said on Tuesday.
The agency said the result compared with a surplus of $3.7-billion in May, which was revised from its initial reading of $4.2-billion.
Statscan noted the average value of the loonie, which affects trade transactions, dropped 1.7 US cents in June compared to May, the largest monthly decline since October, 2022.
It said a weaker loonie pushed monthly trade values in Canadian dollars higher. When expressed in U.S. dollars, it said exports declined 2 per cent in June, while imports dropped 2.1 per cent.
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