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Canada's Merchandise Trade Surplus Widens More Than Expected in June on Exports, Gold Shipments

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Canada's merchandise trade surplus edged up to C$3.9 billion in June from C$3.7 billion in May, marking a fourth consecutive monthly surplus as monthly exports rose 0.4% and imports increased 0.2%, according to the country's statistical agency on Tuesday.

June's surplus topped a C$3 billion estimate provided by Bloomberg.

Total exports hit a record C$77.5 billion in June, marking a fifth consecutive monthly increase and a cumulative gain of 22.8%, wrote Statistics Canada in a statement. Growth was broad-based, with six of 11 product categories posting gains, while export volumes rose 1.1% as stronger gold shipments offset declines in energy exports.

Imports increased on higher purchases of computers and peripherals.

Imports from the United States rose 3.0% month over month in June, a record high, while exports to the country climbed 0.3% for a fifth consecutive monthly gain, narrowing Canada's trade surplus with the United States to C$10.0 billion from C$11.1 billion in May, added StatsCan.

Meanwhile, Canada's trade deficit with non-US partners narrowed to C$6.1 billion from C$7.4 billion, as imports from these markets fell 3.7% monthly in June after rising 2.1% in May.

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