Canada's trade surplus reaches new high

Canada's merchandise trade surplus reached a 13-month high in January as exports of machinery and equipment increased and metals prices continue to rise.

The trade surplus stood at 6.3 billion Canadian dollars (5.3 billion U.S. dollars) in January with exports at a record tally, Statistics Canada said Friday.

Exports rose for the third straight month, hitting an all-time high of 40.8 billion Canadian dollars (34.7 billion U.S. dollars) as Canadian exporters boosted shipments of machinery and equipment. Rising metals prices also helped to push up exports, the agency said.

Imports fell in almost every sector except agriculture and fishing products.

Canada's trade surplus with the United States rose to 8.7 billion Canadian dollars (7.4 billion U.S. dollars), the highest in a year. Canada also recorded its first trade surplus with the EU since December 1995.

This report shows that "Canada's trade sector has begun to turn a corner, after facing more than its fair share of challenges, including a rapidly appreciating currency and decelerating demand from the United States," said TD Bank economist David Tulk in a commentary.

Source: Xinhua