Canada’s exports jump by 8.5%
Ottawa, May 7, 2017 – Canada’s trade balance recorded a remarkable shift last March, moving from a large deficit in February to a surplus of $1.78 billion, driven by rising oil prices and increasing global demand for gold.
According to Statistics Canada data, exports jumped by 8.5% to reach $72.8 billion, with a noticeable increase in exports of metals and non-metallic products by 24% to a record level, in addition to an increase in energy exports by 15.6% to reach their highest level since September 2022.
Exports of cars and spare parts rose by 4.5% after a big jump in February. Exports to the United States also increased by 8.3%, driven by an increase in oil and automobile shipments, while imports from the American market declined by 1.2%. As a result, the trade surplus with the United States expanded to $7.1 billion, the highest in six months.
As for exports to non-American countries, they recorded a new record high of 9.1%, while imports from those countries decreased by 2.2%. After the release of the data, the Canadian dollar rose slightly to 1.3620, while markets expect two interest rate cuts before the end of the year.
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