Canada’s trade surplus widens to highest since 2008 on exports

Canada’s trade surplus unexpectedly widened to the highest in more than a decade with exports hitting new highs as the global economy recovers from the pandemic.

The country ran a surplus of C$3.1 billion ($2.2 billion) in November, up from a revised C$2.3 billion a month earlier, Statistics Canada reported on Thursday. That’s the highest one-month surplus for the country since 2008.

Exports recorded another strong jump, gaining 3.8% following a 6.9% increase in October. Imports were up 2.4% in November.

While the numbers were inflated by atypical shipments of pharmaceuticals late last year, the country was on track for a record year for both imports and exports. Cumulatively, Canada ran surpluses totaling C$8.5 billion through November last year.

Economists had forecast a surplus of C$2 billion in November.