OTTAWA — Statistics Canada says the country’s merchandise trade balance shifted to a surplus in August, helped by strong growth in exports of unwrought gold and crude oil.

The agency says Canada posted a trade surplus of $718 million in August compared with a revised deficit of $437 million in July.

The change came as total exports rose 5.7 per cent to $64.6 billion. 

Exports of metal and non-metallic mineral products rose 29.1 per cent in August to a record $8.5 billion, boosted by exports of gold to the United States. Meanwhile, higher prices helped lift energy product exports 14.6 per cent to $14.5 billion.

Total imports increased 3.8 per cent in August to $63.8 billion as imports of industrial machinery, equipment and parts rose 7.5 per cent to $7.8 billion in the month.

In real or volume terms, exports rose three per cent in August compared with July, while imports in real terms gained 1.2 per cent.

This report by The Canadian Press was first published Oct. 5, 2023.

The Canadian Press