Canada June trade balance +$0.64 billion vs -$1.84 billion expected

• Prior was -1.93 billion
• Exports $66.65 billion vs $62.45 billion prior
• Imports $66.01 billion vs $64.37 billion prior

There is some rare good news here on the Canadian economy as the trade balance improved and volumes of both imports and exports rose, however it was largely due to oil and gold exports.

• Exports surged 5.5% to $66.65 billion, largest monthly increase since February 2024
• Imports rose 1.9% to $66.01 billion, near all-time high from June 2022
• Crude oil and gold exports drove the gains, accounting for over 75% of the total export increase
• Crude oil exports jumped 13.3%, boosted by higher volumes to Asian countries via expanded Trans Mountain pipeline
• Unwrought gold exports spiked 35.3% amid geopolitical tensions and high demand
• Imports of passenger cars and light trucks hit a record C$6.8 billion, up 8.2%
• Trade surplus with US widened to C$9.4 billion, largest since November 2023
• Trade deficit with rest of world narrowed to C$8.7 billion from C$10.4 billion in May

This article was written by Adam Button at www.forexlive.com.