OTTAWA (Reuters) -Canada unexpectedly posted a trade surplus of C$3.23 billion ($2.58 billion) in June, the largest in almost 13 years, as exports jumped on higher shipments of oil and autos, Statistics Canada data indicated on Thursday.
Analysts polled by Reuters had forecast a trade deficit of C$0.68 billion in June. The surplus was the largest since the C$3.45 billion recorded in September 2008.
“This is a very pleasant surprise,” said Peter Hall, chief economist at Canada’s export development agency.
Exports leapt by 8.7%, the biggest increase since July 2020, pushed up by higher demand for oil and autos as economies continue their recovery from the COVID-19 pandemic. Imports dipped by 1.0%.
The Canadian dollar held onto earlier gains, trading at C$1.2504 to the U.S. dollar, or 80.0 U.S. cents.
($1=1.2504 Canadian dollars)
(Reporting by David Ljunggren; editing by Jason Neely and Kevin Liffey)
