Canada Aug international merchandise trade balance +1.94B vs +0.43B expected

Canadian trade balance data for August 2021:

• Prior was +$0.78B
• Exports $B vs $53.75 prior
  
• Imports $B vs $52.97B prior
• $8.6B monthly surplus with the US was largest in 13 years
  

Falling lumber prices took some of the wind out exports after a record high in July but oil and gas will soon offer a new tailwind. We got an early taste of that this month as the value of energy exports rose 5.1% to $12.0B. That's near the 2014 record high of $12.8B and given the state of oil and gas prices, there's a good chance that's broken this month.

All of that is a hearty tailwind to the Canadian dollar, though some argue that border reopening and tourism could be a fresh headwind in the months ahead.

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October 06, 2021 at 12:30AM
Adam Button
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