Canada's trade surplus widens to more than 4-year high in August, as front-loading ramps up | CBC News
Canada recorded a $4.2-billion trade surplus in August, the highest in more than four years, according to Statistics Canada. The increase came as businesses sent more goods to the United States before new U.S. tariffs took effect.
Exports to the U.S. climbed 8.1 per cent, while imports from the country fell 2.5 per cent. Overall, Canadian exports grew 2.5 per cent to $77.91 billion, following a decline in July.
Shipments of consumer goods increased 6.6 per cent. Exports of machinery and equipment rose 10.1 per cent, while electrical and electronic goods gained 11 per cent.
The new U.S. tariffs, covering about $20 billion in Canadian exports, began on Aug. 22 and include goods such as furniture, clothing, dairy products and hockey equipment. Economists expect September trade figures to better reveal their effects.
Canada has been seeking new overseas markets amid repeated U.S. tariff measures affecting major industries. The Canadian dollar edged higher after the trade report; upcoming data will offer a clearer picture of how the latest duties affect trade.
Key points
- Canada’s August trade surplus reached $4.2 billion, its highest level in more than four years.
- Exports to the U.S. rose 8.1 per cent before new tariffs took effect on Aug. 22.
- September figures are expected to show more clearly how the tariffs affect Canadian trade.