Canada's net foreign asset position climb to over $2.06T in Q2

By Ovunc Kutlu

ISTANBUL (AA) - Canada's net foreign asset position, the difference between its international financial assets and international liabilities, rose to more than $2.06 trillion by the end of the second quarter.

The figure is an increase of $88.6 billion from the first quarter of this year, Statistics Canada said Wednesday in a statement.

"The upward revaluation due to market price changes and, to a lesser extent, fluctuations in exchange rates contributed to the increase," the statistical agency said.

"Canada's net foreign asset position has constantly grown since the fourth quarter of 2022, largely on the strength of the US stock market," it added.

The agency said changes in market prices led to a $66.6 billion increase in Canada's net foreign asset position in the second quarter.

"Canada's international assets and liabilities are highly exposed to equity market performance, as 69.1% of Canada's international assets and 42.0% of its liabilities were held in the form of equities at the end of the second quarter," it said.