Canada’s merchandise trade surplus in goods rose to a four-year high of C$3.86 billion in June, as exports increased for a fifth straight month to a record C$77.5 billion. The monthly gain was led by stronger gold and copper shipments, while energy exports declined.
Stripping out gold and copper, exports fell by as much as 3.0% on the month, with the energy segment down 10.0% as commodity prices eased alongside reduced tensions in the Middle East. Quarterly volume data point to merchandise trade supporting Q2 GDP growth: exports rose 28.5% q/q (annualised) versus import growth of 10.6%. Import volumes of machinery and equipment increased 9.6%, indicating firmer business equipment spending during the quarter, while the merchandise trade surplus with the United States narrowed in June.
Export Trends and Commodity Performance
Canada’s merchandise trade surplus in goods rose to a four-year high of C$3.86 billion in June, as exports increased for a fifth straight month to a record C$77.5 billion. The monthly gain was led by stronger gold and copper shipments, while energy exports declined.
Stripping out gold and copper, exports fell by as much as 3.0% on the month, with the energy segment down 10.0% as commodity prices eased alongside reduced tensions in the Middle East.
Impact on GDP and Equipment Spending
Quarterly volume data point to merchandise trade supporting Q2 GDP growth: exports rose 28.5% q/q (annualised) versus import growth of 10.6%. Import volumes of machinery and equipment increased 9.6%, indicating firmer business equipment spending during the quarter, while the merchandise trade surplus with the United States narrowed in June.
