Canada’s trade surplus of C$526 million for November came as a surprise, as analysts had projected the nation would experience a trade deficit for the month.
Canada’s global merchandise trade balance in November 2016 recorded its first surplus since September 2014, Statistics Canada reported Friday.
The surplus came as a surprise, as analysts in a Reuters poll projected Canada would have a C$1.60 billion trade deficit (U.S. $1.21 billion) for the month.
The country’s global merchandise trade balance moved from a C$1 billion deficit in October 2016 to a C$526 million surplus in November 2016.
Canada’s exports rose 4.3 percent month-over-month in November 2016 to C$45.6 billion, driven by increased exports of metal and non-metallic mineral products, and record exports to non-U.S. countries, Statistics Canada said. “Exports to China were up 11.1 percent to C$2.0 billion in November, mostly on higher exports of coal,” Statistics Canada said. “Exports to South Korea, Brazil and Japan also increased in November.”
Meanwhile, imports for the month rose 0.7 percent from October 2016 to C$45.1 billion, mostly fueled by higher imports of energy products. Canada experienced an increased amount of crude oil imports from Norway, Algeria and Saudi Arabia. However, higher imports of energy products and consumer goods were mostly offset by a drop in imports of aircraft and other transportation equipment and parts, along with motor vehicles and parts.
Overall, the economy appears to be picking up in Canada, which also grew jobs by 54,000 month-over-month in December, the result of gains from full-time work, with jobs increasing in Quebec and British Columbia.
Canada records first trade surplus in 26 months
