Canada’s trade surplus with the rest of the world narrowed in July as lumber exports plunged.
The country’s merchandise trade surplus was C$778 million ($617 million) in July from a revised C$2.6 billion in June. Economists were predicting a surplus of C$1.7 billion in July, according to the median estimate in a Bloomberg survey.
Exports rose 0.6%, hitting a record C$53.7 billion. Exports of lumber and other sawmill products dropped 24% on lower prices.
Imports rose 4.2%, also to a record, on the back of a surge in car shipments.