Statistics Canada says the country’s merchandise trade deficit with the world shrank to $114 million in July, the smallest since a surplus in December 2016, as the country’s trade surplus with the United States grew to the biggest in a decade.
The total value of Canada’s exports rose 0.8 per cent, mainly because of higher crude oil prices, while the value of imports declined 0.4 per cent due to fewer aircraft imports.
Exports to the United States rose 3.3 per cent during July to $38.4 billion, while American imports edged down 0.1 per cent to $33.1 billion in July.
As a result, Canada’s merchandise trade surplus with the United States widened to $5.3 billion in July, from $4.1 billion in June.
Statistics Canada says that represents this country’s biggest monthly trade surplus with its largest trading partner since October 2008, which marked the beginning of a major recession.