Surge in gold and oil exports amplified Canada’s August trade surplus

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Canada posted a surprising trade surplus of $718 million in August, with exports outpacing imports. The surge in exports was primarily driven by precious metals and energy products, with stronger-than-expected volumes. Higher prices in August contributed to this trade balance recovery, and the strong merchandise trade numbers are expected to contribute to third-quarter growth. The trade surplus was especially unexpected, as analysts had forecast a deficit for the month. The increase in exports is seen as a positive factor for Canada’s economic growth in the third quarter.

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