In June, Canada's merchandise exports increased 2.0%, mostly on crude oil and gold exports. Meanwhile, imports rose 1.7%, mainly on energy products. As a result, Canada's merchandise trade surplus with the world widened from $4.8 billion in May to $5.0 billion in June.
Total exports rose 2.0% in June to $69.9 billion, with 8 of 11 product sections posting increases. This was the sixth consecutive monthly increase for Canadian exports, the first time this has happened since 2013. In real (or volume) terms, exports were up 2.2%, meaning that export prices declined in June overall. This was the first decline in export prices since December 2021.
Total imports rose 1.7% in June to $64.9 billion, a fifth consecutive monthly gain. The increase occurred while more product sections posted declines than gains. In real (or volume) terms, total imports edged down 0.3%, meaning that the increase in nominal imports in June was mainly because of higher prices.
Exports to the United States rose 1.2% in June, while imports from the United States were up 2.6%. As a result, Canada's trade surplus with the United States narrowed from $13.6 billion in May to $13.2 billion in June, still the second-highest surplus on record.
In June, exports to countries other than the United States rose 4.5% compared with May, to a record high of $16.4 billion. Exports to China (coal, copper and potash), Australia (pharmaceutical products) and the Netherlands (pharmaceutical products) posted the largest increases. Imports from countries other than the United States edged up 0.2% in June. The rise in imports from India (various products), the United Kingdom (motor gasoline), Switzerland (non-ferrous metals) and Brazil (various products) was almost entirely offset by the decline in imports from Germany (motor vehicles) and Saudi Arabia (crude oil). The merchandise trade deficit with countries other than the United States narrowed from $8.8 billion in May to $8.2 billion in June.
This is an excerpt from the 08 August 2022 edition of The Daily from Statistics Canada.