Canada’s merchandise trade surplus more than doubled in September as rising oil prices helped boost energy exports.
Statistics Canada reported Tuesday that the country’s trade surplus in September was $2 billion, compared to a revised surplus of $949 million for August.
Economist Katherine Judge of CIBC noted that the September figures exceeded the expectations of analysts, who on average were targeting a surplus of $1 billion, and that it was the largest surplus since June 2022.
“We expect distortions in export data from the recovery from port strikes and wildfires to temporarily mask weak foreign demand,” Ms.me Judge in a report.
“But in late 2023 and early 2024, the global deceleration in growth will weigh heavily on exports, while import growth will be limited by weak domestic demand. »
Total exports increased 2.7% in September to reach $67.0 billion, Statistics Canada said.
The increase came as exports of energy products rose 10.6% to $16.9 billion, driven by a 13.7% increase in crude oil exports, largely attributable to rising prices.
Furthermore, total imports increased by 1% to reach $65.0 billion.
Imports of motor vehicles and motor vehicle parts increased 5.8% in September to $12.9 billion, while imports of industrial machinery, equipment and parts fell 3.6% to 7 $.5 billion.
Expressed in volume terms, exports increased by 0.4% and imports by 1.7%.
Regionally, Canada’s trade surplus with the United States increased to $11.7 billion in September, from $11.0 billion in August, as exports to the United States increased by 2. 6% and imports, 1.7%.
Canada’s trade deficit with countries other than the United States stood at $9.6 billion in September, after standing at $10.1 billion in August.
In a separate report, Statistics Canada said the country’s international services trade deficit was $1.6 billion in September, essentially unchanged from August, after revisions. Services exports increased 0.1% to $15.0 billion and services imports remained stable at $16.6 billion.
By combining international trade in goods and services, Statistics Canada calculated that Canada’s trade balance with the rest of the world had a surplus of $462 million in September, compared to a deficit of $633 million in August.