A drop in oil and natural gas prices led Canada’s trade surplus to decline to $4.1 billion in July,
according to Statistics Canada.
The July reading follows a revised $4.9 billion trade surplus in June. Economists had forecast a
$3.78 billion surplus for July of this year.
Canada’s exports decreased 2.8% during the month, while imports were down 1.8%. July
marked the first monthly decrease in exports this year and the first drop in imports since
January.
Canada benefited from surging oil and natural gas prices earlier this year, which led to the first
recurring trade surpluses since 2014.
Canada has now posted trade surpluses during every month of this year. However, slumping
energy prices over the summer months have narrowed the surplus from a 14-year high
recorded in June.
Total exports in volume terms rose 1.7% in July, the third straight monthly increase. Total
imports decreased 1.4% in volume terms.
