Canada’s trade surplus reached $5.3 billion in May, its highest level since 2008, as global prices
for crude oil remain elevated.
The May surplus was more than double the $2.2 billion surplus reported in April. Economists
were forecasting a trade surplus of $2.4 billion in May.
Total exports in May rose 4.1%, led by a 9.2% increase in shipments of crude oil. Elevated
energy prices over the past year have led to Canada posting consecutive trade surpluses for the
first time since 2014.
Statistics Canada revised its data going back to January of this year that showed the nation’s
exports were stronger than initially calculated.
In the first five months of this year, Canada recorded a total trade surplus of $15.9 billion. In the
same period of 2021, Canada had a trade deficit of $1.5 billion.
Energy exports in May grew 5.7% to $20.4 billion, representing 30% of total shipments from
Canada.
Canada’s trade surplus with the neighbouring U.S. reached a record $14 billion in May.
Exports also increased for non-energy products in May. Service exports rose 1.7% during the
month, while import services grew 0.5%.