Canada's Trade Surplus Continues to Climb

Surplus Widens to Record $9.4 Billion

Exports Boosted by Oil and Gold

Canada's trade surplus with the United States widened for a third consecutive month in June, reaching a record $9.4 billion. This is the largest surplus on record, surpassing the previous high of $7.4 billion set in March.

The surplus was driven by strong exports of oil and gold. Oil exports rose by 20% to $12.3 billion, while gold exports jumped by 30% to $2.1 billion. These gains were partially offset by a decline in exports of motor vehicles and parts, which fell by 5% to $10.1 billion.

Imports from the United States also declined in June, falling by 2% to $21.4 billion. This decline was led by a decrease in imports of consumer goods and automotive products.

Canada's overall trade surplus for the first half of 2023 now stands at $40.6 billion, up from $26.1 billion during the same period last year.