Canada Records Surprise Trade Surplus As Exports Surge

" /> 01/13/2012 08:42
Surging exports helped Canada record an unexpected trade surplus in November, official data showed Friday morning.
The value of Canada's merchandise exports increased 3.2 percent on higher prices and volumes, while imports declined 0.8 percent, according to Statistics Canada.
As a result, Canada's trade balance with the world went from a deficit of C$487 million in October to a surplus of C$1.1 billion in November.
Exports rose to C$40.1 billion, as car manufacturers shipped out more automobiles and higher prices were paid for energy products.
Exports of energy products increased 6.4 percent to C$10.0 billion in November, as prices increased 6.3 percent.
Conversely, imports declined to C$39.0 billion, as both volumes and prices fell. Imports of automotive products declined 4.4 percent to C$5.7 billion in November, as volumes fell 4.0 percent.
Exports to the United States rose 1.9 percent to C$28.6 billion, on the strength of energy products. Perhaps most surprisingly, Canadian shipments to the European Union were strong despite the region's sovereign debt crisis.
(