Canada posts surprise August trade surplus as exports surge on gold, crude

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SaltWire's Atlantic regional weather forecast for October 5, 2023 | SaltWireOTTAWA - Canada posted a surprise C$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%, while imports were up 3.8%, with both benefiting from higher prices in August, Statscan noted. By volume, exports rose 3% and imports increased 1.2%. Exports of metal and non-metallic mineral products rose to a record C$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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