Prior was +2.72B (revised to +3.41B)Exports $77.10B vs $75.16B (revised to $76.4B)Imports $72.86B vs $72.44B (revised to $73.0B)Canada’s trade surplus with the United States widened from $10.3 billion in April to $11.6 billion in MayCanada’s trade deficit with countries other than the United States widened from $6.9 billion in April to $7.4 billion in May
This is a nice tailwind for Q2 growth. The $77 billion exports number is a record though it’s likely to be short-lived as oil prices have retreated in a big way. Ex energy, exports rose 2.0%. There was also a war-boosted export boom in sulfer and gold sales remained high.
Energy export values are on their way to reverting to the mean, which is going to unwind the surpluses from June and beyond.
On the import side, after reaching a record high in April, total imports edged down 0.2% in
May. This decrease occurred despite increases in 9 of the 11 product
sections, as lower imports of metal and non-metallic mineral products
more than offset these gains.
This article was written by Adam Button at investinglive.com.