Canada's Trade Scene Looks Up in June After a String of Deficits

 

Hey folks, some good news from Canada's trade world! After three straight months of being in the red, the country managed to pull off a trade surplus in June, thanks to Statistics Canada. It seems like our exports had a pretty big jump, while imports didn't go up quite as much.

The Skinny:

• Trade in the Black: We went from a $1.6 billion trade deficit in May to a $638 million surplus in June. That's like finding extra cash in your pocket after you thought you'd spent it all! And get this, it's way better than what the money folks were expecting, which was a $2 billion deficit.
• Exports Going Strong: We sent out 5.5% more stuff in June than we did in May. That's the biggest jump since February. Nine out of the 11 groups of things we sell saw a boost, but crude oil and unwrought gold were the real stars of the show, pushing the value of our exports up big time.
• Imports Not So Wild: We bought 1.9% more stuff from other countries, which isn't too shabby, but it's definitely not as much as we sold to them.

Statistics Canada says that crude oil and unwrought gold were like the dynamic duo for our export increase, making up more than three-quarters of the total value. That's pretty cool for the commodities gang.

If you want the nitty-gritty details on Canada's trade score and how it's affecting our economy, check out this link.

And for the full picture on the global commodities market, which totally affects trade balances, swing by Reuters' take on it.

This trade surplus thingy is like a thumbs up for Canada's economy, especially for the big players in the export game.

So, Canada's trade scene had a bit of a comeback in June, which is great for our economy's mojo. It shows that our main exporting industries are really stepping up to the plate.