Canada Hits Surprise Trade Surplus on Energy, Gold Exports
- Expanded Trans Mountain pipeline boosts oil shipments to Asia
- Gold exports rise on strong global demand, especially from UK
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Canada unexpectedly recorded a C$638 million ($461 million) trade surplus in June as an expanded crude oil pipeline and surging global demand for gold drove exports higher.
Economists in a Bloomberg survey had expected the country to record a trade deficit for the fourth month in a row, with a median estimate of C$2.04 billion. Statistics Canada noted in Tuesday’s release the size of the surplus was “close to the typical bounds of monthly revisions,” having revised the previous month’s trade balance upward by about C$320 million.