Canada posts $769M merchandise trade surplus in July as exports fall

OTTAWA – Statistics Canada announced that Canada recorded a merchandise trade surplus of $769 million in July, marking the first time in six months that exports had declined. This surplus contrasts with a surplus of $4.2 billion in June. The July figure was derived from total exports of $76.1 billion, which decreased by 2.3 percent compared to the previous month, mainly due to a 8.5 percent drop in exports of metal and non-metallic mineral products.

Meanwhile, imports increased by 2.2 percent to $75.4 billion, with a significant 11.4 percent rise in imports of motor vehicles. In terms of volume, exports dropped by 1.5 percent, while imports rose by 2.2 percent.