OTTAWA, Aug 4 (Reuters) – Canada’s trade surplus in June hit a four-year high of C$3.86 billion ($2.75 billion) but the number largely reflected a weaker \u200bCanadian dollar rather than economic strength, Statistics Canada said on \u200cTuesday.<\/p>\n
Analysts polled by Reuters had estimated a June surplus of C$3.00 billion in June. May’s surplus was revised sharply down to C$3.70 billion from an initial C$4.24 billion.<\/p>\n
Most \u200bimport and export transactions are completed in U.S. dollars and \u200bmust be converted to Canadian dollars to compile trade statistics.<\/p>\n
“All \u2060other things being equal, when the Canadian dollar depreciates against the U.S. dollar, \u200bmonthly trade values expressed in Canadian dollars are higher,” Statscan said.<\/p>\n
In June, \u200bthe average value of the Canadian dollar decreased by 1.7 U.S. cents compared with May, the largest monthly decline since October 2022.<\/p>\n
In Canadian dollar terms, exports rose by \u200b0.4% and imports edged up by 0.2%. But when expressed in \u200bU.S. dollars, exports dropped by 2.0% in June while imports posted a 2.1% loss.<\/p>\n
The \u200csurplus was \u2060the highest since May 2022.<\/p>\n
Exports were pushed up in part by a 16.5% jump in the value of shipments of metal and non-metallic mineral products.<\/p>\n
The overall increase was largely offset by a 10.0% decrease in exports \u200bof energy products \u200bon lower prices. Imports \u2060were boosted by higher imports of processing units of the type used in data centers.<\/p>\n
Although Ottawa is seeking to \u200bdiversify trade in the face of President Donald Trump’s \u200btariffs, Canada \u2060remains heavily reliant on the U.S. market and in June, 69.5% of all exports flowed south of the border.<\/p>\n
Exports to the United States edged up \u2060by \u200b0.3% while imports rose by 3.0%. As \u200ba result, Canada’s trade surplus with the United States narrowed to C$9.98 from C$11.12 billion in \u200bMay.<\/p>\n
($1=$1.4044 Canadian)<\/p>\n
Reporting by David Ljunggren, editing by Dale Smith<\/p>\n
Disclaimer:\u00a0The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.<\/p>\n","protected":false},"excerpt":{"rendered":"OTTAWA, Aug 4 (Reuters) – Canada’s trade surplus in June hit a four-year high of C$3.86 billion ($2.75…\n","protected":false},"author":2,"featured_media":155193,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6244,6232,17,6237,6239,6231,6242,6235,6233,6236,381,1632,6243,6234,6223,6245,6228,6246,6230,6225,6226,6224,6227,113,6229,6241,6247,1633,6240,6238],"class_list":["post-155192","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-bank-forecasts","tag-bitcoin-news","tag-canada","tag-central-banks","tag-charts","tag-crypto-news","tag-currency","tag-economic-reports","tag-ethereum-news","tag-forecasts","tag-global-economy","tag-gold","tag-international-policy","tag-interviews","tag-kitco-news","tag-market-nugget","tag-metals","tag-mining-minutes","tag-mining-news","tag-palladium","tag-pgm","tag-platinum","tag-platinum-group-metals","tag-politics","tag-precious-metals","tag-rare-earth-metals","tag-roundups","tag-silver","tag-tech-metals","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/155192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=155192"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/155192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/155193"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=155192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=155192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=155192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}