Canada’s trade surplus soars
OTTAWA (Oct. 20, 1999) — Canada’s trade surplus surged to its highest level in over three years in August, driven by robust exports to the United States by the automotive sector.
The trade surplus reached $3.6 billion in August, exceeding expectations by nearly $500 million, Statistics Canada said. August’s exports climbed 2.7% to a record $31.18 billion, topping July’s reported $30.4 billion.
The increase reflected greater motor vehicle sales, the agency said. Car exports alone increased 21.7% on the month, while truck exports gained 15.6%.
Losers for the month were the forestry exports (a 4.3% drop), agriculture (2.7% decline), and machinery and equipment exports (down 1.6%).
Imports gained 2.3% to a record $27.6 billion, chiefly through gains in the auto parts imports.
Canada’s trade surplus with the U.S. rose to a record $6.1 billion from $5.4 billion.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.