Canada trade balance swings to surplus in July
by Reuters Sep 04, 2024
Canada posted a trade surplus of C$684 million ($505 million) in July as imports declined faster than exports, while the June balance was revised to show a deficit rather than a surplus, Statistics Canada data showed on Wednesday.
Exports were down by 0.4%, after rising 4.7% in June, on declines for motor vehicles and parts as well as wheat and canola. In volume terms, exports decreased 1.5%.
Imports fell by 1.7%, from a record C$66.1 billion in June, on lower motor vehicles and parts as well as aircraft. Import volumes were down 2%.
Analysts polled by Reuters had forecast a surplus of C$0.8 billion. June's trade balance was revised to show a deficit of C$179 million from a preliminary surplus of C$638 million.
The Canadian dollar was trading nearly unchanged at 1.3552 per U.S. dollar, or 73.79 U.S. cents, as investors awaited a Bank of Canada interest rate decision, due at 9:45 a.m. ET (1345 GMT).
Reuters
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