(Montreal) A record level of exports, thanks in particular to oil, allowed Canada’s trade balance to largely stabilize in the green in June.
The National Institute of Statistics said Thursday that total exports amounted to $53.8 billion, up 8.7%, up nine from eleven divisions.
Exports of energy products (+22.9%) rose sharply to $11.3 billion in June, the highest level since March 2019.
“Despite the rise in crude oil prices in June, the increase in the value of exports is mainly due to higher volumes,” the institute said in a statement.
In terms of volume, total imports fell 2.2% in June. In detail, imports of pharmaceutical and medical products hit an all-time high in June due to vaccine imports, which were clearly boosted by COVID-19 vaccines. Imports in this region are 21 times higher than those recorded a year ago.
In June, exports to the United States, Canada’s largest partner, also hit a record high, particularly thanks to sales of crude oil and cars and light trucks.
Canada’s trade surplus with the United States widened to $8.3 billion in June, the largest surplus since August 2008.
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