Canada’s Trade Surplus Hits 3 Year High

13 February 2012 - Which Way to Pay

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Canada’s Trade Surplus Hits 3 Year High

Statistics Canada has said that Canada’s trade surplus with the rest of the world hit its highest level in over three years. Exports to the United States grew to their highest since October 2008 and as a result Canada’s trade surplus more than doubled in December from November. December’s trade surplus well exceeded expectations, hitting a 3 year high of C$2.69 billion, from C $1.7 billion seen in November; Exports rose 4. 5 % in December and imports were up 0.8 %. Recent improvements in the U.S. are definitely benefitting Canada’s exporters.

The report suggests a positive outlook for future growth, not only for the last quarter of last year but also for 2012. Peter Hall, chief economist at Export Development Canada, said that, “There’s a broad industrial base of expansion that we can be happy about in the December numbers. There is a broad regional base to the expansion too.” He added, “If you put those two things together it’s giving us great momentum heading into the next year.”  The rebound in exports will hopefully mean that job growth will begin to improve and unemployment can now stabilise.

The figures are strong and perhaps what we are seeing is a real turning point. However, there are still many uncertainties in Europe concerning the debt crisis and questions regarding the durability of U.S. recovery.

Economic Calendar

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Related Links:
• Statistics Canada
Canadian international merchandise trade
• Export Development Canada
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