A container ship is loaded in the Port of Montreal, on Sept. 19.Christinne Muschi/The Canadian Press
Canada’s merchandise trade surplus more than doubled in September as higher oil prices helped boost energy exports.
Statistics Canada said on Tuesday the country’s trade surplus for the month amounted to $2-billion compared with a revised surplus of $949-million for August.
CIBC senior economist Katherine Judge said the September reading topped the consensus expectation for a $1-billion surplus and was the widest surplus since June 2022.
“We expect distortions in the export data following the rebound from port strikes and wildfires to mask weakness in foreign demand temporarily ahead,” Judge wrote in a report.
“But in late 2023 and into 2024, the global deceleration in growth will weigh heavily on exports, while import growth will be limited by weak domestic demand.”
Statistics Canada said total exports rose 2.7 per cent to $67.0-billion in September.
The increase came as exports of energy products gained 10.6 per cent at $16.9-billion, boosted by a 13.7 per cent increase in crude oil exports that was largely due to higher prices.
On the flip side, total imports increased one per cent to $65.0-billion.
Imports of motor vehicles and parts rose 5.8 per cent in September to $12.9-billion, while imports of industrial machinery, equipment and parts fell 3.6 per cent to $7.5-billion.
In volume terms, exports gained 0.4 per cent and imports rose 1.7 per cent.
Regionally, Canada’s trade surplus with the U.S. increased to $11.7-billion in September compared with $11.0-billion in August as exports to the U.S. rose 2.6 per cent and imports gained 1.7 per cent.
Canada’s merchandise trade deficit with countries other than the United States was $9.6-billion in September compared with $10.1-billion in August.
In a separate report, Statistics Canada said the country’s international trade in services deficit was $1.6-billion in September, essentially unchanged from the revised figure for August as exports of services rose 0.1 per cent to $15.0-billion and imports of services remained at $16.6-billion.
When international trade in goods and services are combined, Statistics Canada said Canada’s trade balance with the world was a surplus of $462-million in September compared with a deficit of $633-million in August.