Published on May 10, 2023 at 11:25 am
In terms of volume, exports increased by 3% in August compared to July. (Photo: The Canadian Press)
OTTAWA – Canada posted a trade surplus in August thanks to strong growth in exports of crude gold and crude oil, Statistics Canada said Thursday.
According to the federal agency, Canada posted a trade surplus of $718 million in August, compared to a revised deficit of $437 million in July.
The change came as total exports rose 5.7% to $64.6 billion.
Exports of metal products and non-metallic mineral products rose 29.1% to a record $8.5 million in August, driven by gold exports to the United States. At the same time, rising prices helped exports of energy products rise 14.6% to $14.5 billion.
Total imports rose 3.8% to $63.8 billion in August, while imports of industrial machinery, equipment and parts rose 7.5% to $7.8 billion in August.
In terms of volume, exports increased by 3% in August compared to July, while imports increased by 1.2%.
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