"Statistics Canada reported that Canada posted a $1.78 billion surplus in March, a significant turnaround from a $5.11 billion deficit in the previous month. This marked the first surplus in six months, largely attributed to rising crude oil prices and increased demand for gold, which bolstered export values despite a drop in gold prices."
"Total exports surged by 8.5% to reach $72.8 billion, driven by a 24% increase in metal and non-metallic product exports and a 15.6% rise in energy exports, the highest since September 2022. Exports of motor vehicles and parts also saw a 4.5% increase following a substantial rise in February."
"Exports to the U.S. climbed to $48.51 billion, marking an 8.3% increase and the highest level in a year, while imports from the U.S. decreased by 1.2%. This resulted in a trade surplus with the U.S. of $7.1 billion, the highest in six months, even as the share of exports to the U.S. fell to a record low of 66.7%."
In March, Canada recorded a merchandise trade surplus of $1.78 billion, reversing a $5.11 billion deficit from February. This change was driven by higher crude oil prices and strong global demand for gold, despite a decline in gold prices. Total exports increased by 8.5% to $72.8 billion, with significant contributions from metal and non-metallic products and energy exports. Exports to the U.S. rose by 8.3%, while imports from the U.S. fell by 1.2%, resulting in a trade surplus with the U.S. of $7.1 billion.
Read at www.cbc.ca
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