Canada posts $407m trade surplus

- AGENCE FRANCE-PRESSE, OTTAWA

Oct 7, 2018-

Canada posted its first trade surplus in almost two years in August, the government statistical agency said on Friday, beating economists’ expectations.

The Can$526 million ($407 million) surplus followed a Can$189 million deficit in July—as falling imports outpaced a drop in exports.

Combined with positive employment figures released earlier, CIBC Economics analyst Royce Mendes predicted a boost in the Canadian dollar, but added the data “likely overstate the positives for the economy.” Exports in August, according to Statistics Canada, fell 1.1 percent to Can$50.5 billion, mostly on lower sales of passenger cars and trucks to the United States that coincided with “atypical shutdowns” in the industry.

The agency also noted lower exports of unwrought gold and crude oil to Britain, while exports of copper ores and concentrates were up mostly due to shipments to Japan, South Korea and India—which also bought more potash from Canada.

Imports, meanwhile, declined 2.5 percent to Can$50.0 billion in August.

Aircrafts and other transportation equipment and parts imports fell for a third consecutive month from a record high in May.

There were no imports of commercial airliners in the month, Statistics Canada said, but the year-to-date value of imports of aircraft engines and parts remains at a record high.

Imports of motor vehicles engines and parts, and consumer goods—notably pharmaceutical and medicinal products, miscellaneous goods and supplies and furniture and fixtures—fell in August.

Published: 07-10-2018 08:12

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