(Bloomberg) — Canada unexpectedly recorded a $638 million trade surplus in June as an expanded crude oil pipeline and surging global demand for gold drove exports higher.
Economists in a Bloomberg survey had expected the country to record a trade deficit for the fourth month in a row, with a median estimate of $2.04 billion. Statistics Canada noted in Tuesday’s release the size of the surplus was “close to the typical bounds of monthly revisions,” having revised the previous month’s trade balance upward by about $320 million.
Exports rose 5.5 per cent overall in June, outpacing a 1.9 per cent rise in imports. The report was released at the same time as U.S. data that showed the country’s trade defict narrowed in June for the first time in three months.
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