Canada’s trade surplus hits 13-year high – SWI swissinfo.ch

This content was released on 06 January 2022 – 19:13
06 January 2022 – 19:13

(AFP)

Canada recorded its largest trade surplus last November, with the government saying on Thursday that record exports had offset the effects of the floods in the western part of the country.

The surplus of C $ 3.1 billion ($ 2.4 billion) was higher than economists expected.

For the second month in a row, exports and imports hit an all-time high since September 2008.

Consumer goods exports rose 9% to C $ 7.3 billion ($ 5.4 billion) in November, driven mainly by drugs, according to Canada.

In November, large exports of Covit-19 drugs for packaging and labeling arrived in Canada, with most being shipped later that month. This gave impetus to both export and import figures.

The increase in trade surplus is “another indication that the floods in British Columbia have had only a small impact on overall economic activity,” said Stephen Brown of the Capital Economy.

“This confirms that the economy is heading towards the latest locks in a stronger position than we initially expected,” he added.

An indicator of a 4% decline in November was exports to countries other than the United States, which relied heavily on Vancouver ports.