Canada saw trade rebound sharply in August, posting a surplus of Can$718 million (US$522 million) with the strongest exports in two years outpacing an uptick in imports, the government statistical agency said Thursday.
The Group of Seven nation’s trade balance swung back from a deficit of Can$437 million in July when port operations on its Pacific coast were disrupted by a dock workers strike.
This turnaround was helped by exports to the United States hitting a record high in the month. Canada also significantly boosted trade with other countries.
Total exports increased 5.7 percent, led by banking sector gold transfers to the United States and oil shipments. The latter was driven mostly by higher prices for crude.
Total imports, meanwhile, rose 3.8 percent, partially offsetting a decline the previous month.
This included inbound shipments of heavy machinery for the steel and automotive sectors, and agricultural, lawn and garden equipment, as well as pharmaceutical ingredients and fertilizers.
Record exports to the United States helped widen Canada’s trade surplus with its neighbor and largest trading partner to Can$10.4 billion.
Exports to Japan, Britain and the Netherlands also saw sharp increases, while imports from China and South Korea posted the largest gains.
