Canada's Trade Surplus Reaches New Heights Amid Rising Energy Exports

Canada reported its first trade surplus in ten months with a boost in energy exports and crude oil prices. The trade surplus reached C$708 million in December, largely influenced by a weaker local currency. Exports to the U.S. increased, impacting the overall global trade balance.


Devdiscourse News Desk | Updated: 05-02-2025 19:17 IST | Created: 05-02-2025 19:17 IST
Canada's Trade Surplus Reaches New Heights Amid Rising Energy Exports
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Canada's trade horizon brightened significantly in December, marking its first trade surplus in ten months. As revealed by Statistics Canada on Wednesday, the surplus amounted to C$708 million, driven by a 4.9% surge in exports, particularly in energy products and crude oil.

Imports grew by 2.3% during the same period, a slower pace compared to November's 2.8% increase. Analysts had predicted a surplus of C$750 million. The trade relationship with the U.S. showed notable improvement with Canada's surplus expanding by 5% to C$11.3 billion, largely through increased energy exports.

The year-end statistics indicate that Canada's trade surplus with its largest partner, the U.S., stood at $102.3 billion in 2024. This comes amid a backdrop where the combined trade value with the U.S. exceeded C$1 trillion for the third consecutive year, accounting for a substantial proportion of Canadian GDP and employment.

(With inputs from agencies.)

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