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Canada posts second consecutive trade surplus

Published by Brad Fougere on May 06, 2014

Canada maintained a razor-thin trade surplus in March as softer export pricing and lower volumes of crude oil and bitumen and natural gas erased February’s nearly $1 billion surplus. Exports of $42.7 billion, compared to $42.6 billion in imports, led to a $79 million surplus, a 1.4 per cent decline, according to Statistics Canada.

"The first back-to-back trade surplus since late 2011 should signal cautious optimism to our exporters that Canada's strengthening economy is ready to shed its recession skin," said Canadian Manufacturers & Exporters President and CEO Jayson Myers.

Forestry products, building and packaging materials, as well as, lumber and other sawmill and millwork products and pulp and paper stock fell to $2.7 billion, a 7.6 per cent decrease, accounted for by lower volumes. 

Trade to the US, specifically lower valued energy exports, fell 2.5 percent to $32.2 billion in March. Increased sales to the EU helped buoy the surplus with overall non-US trade rising to $10.5 billion, or 2.5 per cent.  

While energy costs accounted for much of the losses, year over year energy exports climbed 21 per cent in March with sales of $11.2 billion, up from $9.2 billion in 2013.

Found in: StatsCan exports

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