Canada sees $718 million trade surplus in August, 1st in 4 months

By Ovunc Kutlu

ISTANBUL (AA) - Canada saw a trade surplus of $718 million in August, the first since April, and a strong rebound from a deficit of $437 million in July, according to figures released Thursday.

The expectation was to show a deficit of $1.5 billion.

Canada's merchandise exports increased 5.7%, while imports rose 3.8%, the country’s statistical body said in a statement.

The gain in exports marked the strongest percentage increase since October 2021, with exports rising in seven of 11 product sections, according to Statistics Canada.

"The value of energy product exports increased 14.6% in August, driven mostly by prices, which posted their strongest growth since March 2022," it said.

"After posting the sharpest decline in 18 months in July with 5.4%, total imports increased 3.8% in August, offsetting two-thirds of the previous month's decrease. Overall, increases were observed in 9 of the 11 product sections," it added.