(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.