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OTTAWA — Canada’s international trade remained on solid footing in June as exports climbed to a record high and the country’s merchandise trade surplus widened for a fourth consecutive month, according to new figures from Statistics Canada.
Merchandise exports rose 0.4 per cent to a record $77.5 billion in June, while imports edged up 0.2 per cent to a record $73.6 billion. The result was a merchandise trade surplus of $3.9 billion, up slightly from $3.7 billion in May.
Statistics Canada said June marked the fifth consecutive monthly increase in exports, which have climbed 22.8 per cent over that period.
Much of the growth came from higher exports of gold, motor vehicles and metal ores, offsetting a decline in energy exports. Exports of metal and non-metallic mineral products jumped 16.5 per cent, led by a 27.9 per cent increase in unwrought gold shipments, while motor vehicle and parts exports rose 2.4 per cent as Canadian auto production increased.
Energy exports fell 10 per cent in June, largely because of lower crude oil prices, although Statistics Canada noted exports remain significantly higher than earlier this year following price gains during the second quarter.
Imports reached a record high in June, driven by a surge in computers and computer peripherals. Imports of those products rose 59 per cent, largely because of higher shipments of data centre processing units from the United States.
Canada’s trade relationship with the United States remained strong. Exports south of the border increased 0.3 per cent for a fifth straight monthly gain, while imports from the United States rose three per cent to a record level. Canada’s trade surplus with its largest trading partner narrowed slightly from $11.1 billion in May to $10 billion in June.
Trade with the rest of the world also improved. Exports to countries other than the United States increased 0.7 per cent, while imports from those countries declined 3.7 per cent, narrowing Canada’s trade deficit outside the U.S. from $7.4 billion to $6.1 billion.
The second quarter was particularly strong, with merchandise exports rising 13.1 per cent from the previous quarter, the largest quarterly increase since the third quarter of 2020. Statistics Canada attributed nearly half of that increase to higher energy exports following price increases during the Middle East conflict, while motor vehicle exports also rebounded.
Trade in services was comparatively stable in June. Service exports edged down 0.2 per cent to $20.8 billion and imports slipped 0.4 per cent to $21 billion, leaving Canada’s monthly services trade deficit essentially unchanged at $300 million.
Combined trade in goods and services produced an overall Canadian trade surplus of $3.6 billion in June, up from $3.4 billion a month earlier, Statistics Canada reported.
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