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Canada's trade surplus with US increases; CAD worth more than USD

15-Oct-2010 12:58 PM

Statistics Canada stated (14-Oct-2010) Canada's merchandise exports rose 3.1% to CAD34.0 billion in Aug-2010, following two months of declines. Industrial goods and materials and other consumer goods accounted for over three-quarters of the growth. Export volumes rose 2.9% and have been on an upward trend since May-2009. Canada's trade deficit with the world narrowed to CAD1.3 billion in Aug-2010 from CAD2.5 billion in Jul-2010. Exports to the US rose by 2.7% while imports fell by 3.3%. Consequently, Canada's trade surplus with the US increased to CAD2.9 billion in Aug-2010 from CAD1.5 billion in Jul-2010. This was the first increase in Canada's trade surplus with the US since Dec-2009. Meanwhile, Canada’s dollar increased yesterday to be worth more than its US counterpart for the first time since Apr-2010.