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(Bloomberg) — Canada’s trade surplus widened slightly in June as an increase in gold exports more than offset a decline in energy shipments.
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Imports and exports increased by 0.2% and 0.4% respectively in June, driving the country’s trade surplus to C$3.86 billion ($2.7 billion) from a revised C$3.70 billion in May, Statistics Canada reported on Tuesday.
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Exports increased for a fifth consecutive month, driven by a 16.5% increase in metallic and non-metallic mineral products. That was driven by higher shipments of gold to the UK as well as purchases of Canadian-held gold by foreign residents in June.
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Meanwhile, energy exports fell by 10% as crude oil prices fell.
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Despite the monthly decline, higher shipments of energy products driven by the Middle East conflict pushed up total Canadian exports by 13.1% in the second quarter. That marked the strongest quarterly increase since the third quarter of 2020. Exports of motor vehicles and parts also increased by 19.3% over the three-month period.
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The federal agency noted the depreciation of the Canadian dollar boosted the value of imports and exports, which both declined in US dollars in June.
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In volume terms, exports rose by 1.1% while imports fell by 1.5% on the month.
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Higher imports of electronic and electrical equipment and parts drove the increase in imports in June, as imports otherwise declined in 9 out of 11 product sections.
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Imports of computers and computer peripherals rose by 59% in June, driven by processing units used for data centers coming from the US. That helped narrow Canada’s trade surplus with its southern neighbor to C$10 billion from C$11.1 billion the previous month.
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Canada’s trade deficit with country’s other than the US narrowed to C$6.1 billion from C$7.4 billion in May, as imports from China, South Korea and Germany declined.
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—With assistance from Mario Baker Ramirez.
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English (US)