Canada posts surprise $718-million trade surplus in August as exports surge on gold, crude

Total exports increased 5.7%, while imports were up 3.8%, with both benefiting from higher prices in August, Statistics Canada data showed on Thursday

Canada posted a surprise $718-million trade surplus in August, as transfers of gold to the United States and higher crude prices helped exports outpace a rise in imports, Statistics Canada data showed on Thursday.

Total exports increased 5.7 per cent, while imports were up 3.8 per cent, with both benefiting from higher prices in August, Statscan noted. By volume, exports rose 3 per cent and imports increased 1.2 per cent. Exports of metal and non-metallic mineral products rose to a record $8.5-billion in the month, due in part to higher exports of gold to the United States, Statscan said, adding that gold asset transfers in the banking sector contributed the most to the monthly movement.

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