- Canada's trade surplus to the United States widened to Can$8.3 billion in June, the largest surplus since August 2008
MONTREAL: A record level of exports, particularly oil, helped boost Canada's trade balance in June.
Total exports reached Can$53.8 billion (US$43 billion), a first, up 8.7 percent with an increase in nine of the 11 product sectors, the national statistics institute announced Thursday.
Energy product exports rose 22.9 percent to Can$11.3 billion in June, the highest level since March 2019.
"Although crude oil prices rose in June, the increase in value of exports was mainly due to higher volumes," the statistics institute said in a statement.
In terms of volume, total imports fell 2.2 percent in June. Imports of pharmaceutical and medical products reached an all-time high that month -- 21 times higher compared to the previous year -- due to imports of vaccines, boosted by shots against the coronavirus.
Exports to the United States, Canada's primary trading partner, also hit a record high in June, driven by sales of crude oil, cars and light trucks.
Canada's trade surplus to the United States widened to Can$8.3 billion in June, the largest surplus since August 2008.