Canada posts trade surplus in June after 3 months of deficits

Total exports up 5.5% in June, largest percentage increase since February, says statistical agency

By Ovunc Kutlu

ISTANBUL (AA) - Canada saw a trade surplus in June after posting three consecutive months of trade deficits, according to Statistics Canada on Tuesday.

The North American country's merchandise exports increased 5.5% in June, while imports rose 1.9%, the statistical agency said in a statement.

As a result, Canada's merchandise trade balance with the world moved from a deficit of $1.6 billion in May to a surplus of $638 million in June, it added.

The market expectation was to show a trade deficit of $2 billion, while the trade deficit figure for May was revised to $1.61 billion from $1.9 billion.

Total exports were up 5.5% in June -- the largest percentage increase since February this year, said the agency.

Overall, export increases were observed in nine of the 11 product sections, it added.

"In June, crude oil and unwrought gold accounted for more than three-quarters of the increase in the value of total exports," said the statement.

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