Canada unexpectedly posted a trade surplus of $3.23 billion in June, the largest in almost 13 years, as exports jumped on higher shipments of oil and autos, Statistics Canada data indicated on Thursday.
Analysts polled by Reuters had forecast a trade deficit of $0.68 billion in June. The surplus was the largest since the $3.45 billion recorded in September 2008.
“This is a very pleasant surprise,” said Peter Hall, chief economist at Canada’s export development agency.
Exports leapt by 8.7%, the biggest increase since July 2020, pushed up by higher demand for oil and autos as economies continue their recovery from the COVID-19 pandemic. Imports dipped by 1.0%.
The Canadian dollar held onto earlier gains, trading at $1.2504 to the U.S. dollar.
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