Canada’s trade surplus with U.S. nearly doubles to $11.2 billion

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeNewsEconomyCanada's trade surplus with U.S. nearly doubles to $11.2 billionOverall trade surplus widens to four-year high on energy exportsTrucks line up to cross the Ambassador Bridge from Windsor to Detroit. Photo by Don McArthur/PostmediaCanada’s trade surplus with the United States grew to $11.2 billion in August from $6.1 billion in July, the largest positive monthly change since 1997, as exports surged ahead of the implementation of U.S. Section 338 levies.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountExports to the U.S. jumped by 8.1 per cent in August while imports were down 2.5 per cent, according to Statistics Canada data published Tuesday.This advertisement has not loaded yet, but your article continues below.While the new tariffs weren’t fully implemented until the end of August, Statistics Canada officials said U.S. President Donald Trump’s announcement on July 22 may have influenced trade patterns and prompted American customers to stock up to avoid additional costs.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againCanadian counter-tariffs that were announced at the end of August weren’t reflected in Tuesday’s data because they took effect in September.Meanwhile, Canada’s overall trade surplus widened to a four-year high of $4.2 billion in August after narrowing to $787 million in July.Total exports increased by 2.5 per cent month over month in August after falling by 2.6 per cent in July, mainly due to energy exports — particularly diesel to Peru, the United States, the Netherlands and the United Kingdom — which increased by 4.7 per cent.Gains were also broad-based, with eight out of 11 product sections reporting increases in exports for the month. Exports in consumer goods; industrial machinery, equipment and parts; and electronic and electrical equipment and parts also helped widen the trade surplus.This advertisement has not loaded yet, but your article continues below.In real or volume terms, exports also rose by 2.5 per cent.Total imports decreased by two per cent in August, the first decline since January, driven mainly by imports of motor vehicles and parts, which fell by 8.8 per cent in August after a 8.3 per cent increase in July.Imports of metal and non-metallic mineral products were also down in August, as well as imports of metal ores and non-metallic minerals.In volume terms, imports were down by 1.1 per cent.Statistics Canada noted that the appreciation of the loonie affected import and export values for August. The average value of the Canadian dollar increased by 1.1 cents US that month, the largest monthly increase since December. When expressed in U.S. dollars, exports rose by four per cent in August while imports decreased by 0.6 per cent.Exports to non-U.S. markets decreased by 8.5 per cent in August after increasing by 8.2 per cent in July. The largest contributors to this decline were exports of gold to the U.K., energy products to the Netherlands and aircraft and crude oil to France.Imports from non-U.S. markets also fell by 1.4 per cent in August, driven by lower imports of crude oil from Saudi Arabia as well as passenger car and light trucks from Japan and South Korea. This was partly offset by higher imports from Germany and China.As a result, Canada’s trade deficit with countries other than the U.S. widened to $7 billion in August from $5.3 billion in July.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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