News Update

Canadian international merchandise trade

Canada's trade surplus with the world expanded to $5.8 billion in June from $5.2 billion in May, as energy exports to the United States increased.


Canadian companies exported merchandise worth $43.2 billion in June, up 3.1% from the previous month, as prices increased 4.5% and volumes declined 1.4%. Overall, export prices have been on the rise for the past eight months, while volumes have been trending downward.


Imports rose 2.0% to $37.4 billion, the third monthly increase in a row and the eighth in the past 12 months. Prices rose 2.6%, while volumes declined 0.6%. Import prices have also been on an upward trend for the past eight months while movements in volume have not shown a clear trend.


Exports to the United States rose 5.3% to $32.8 billion, primarily due to greater exports of crude petroleum. Imports also increased, but to a lesser extent, yielding a trade surplus with the United States of $9.6 billion, up from $8.1 billion.


The largest annual increase in gasoline consumption was in 2007, despite the cumulative impact of years of rising prices. Retail sales of gasoline rose 3.9% last year, largely reflecting a 1.9% increase in kilometres driven by all vehicles as well as lower fuel efficiency. A dip in monthly gasoline sales early in 2008 appears partly to reflect poor driving conditions, due to several snow storms, and demand in the first five months of the year remained 0.5% ahead of the same period last year.