Canada’s merchandise trade surplus widened to the largest in 14 years as the nation benefits from surging global prices for its crude oil.
Exports exceeded imports by $5.3 billion in May, the highest since August 2008. The surplus was more than double economists’ forecasts and the $2.2 billion surplus reported for April.
In the first five months of 2022, the nation recorded a cumulative $15.9 billion of surpluses. Canada had a trade deficit of $1.5 billion in the same period last year. Canada’s trade surplus with US, its largest trading partner and biggest market for oil, hit a record $14 billion in May.
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