Canada’s trade with U.S. still ‘quite weak’ despite June rise: economists
Global News
Canada saw exports to the U.S. rise by 3.1 per cent in June, with imports also slightly up, but the data showed it was still down compared to a year prior.
New data shows there was an increase in Canadian exports to its southern neighbour in June even amid ongoing U.S. tariffs, but economists say one month is too soon to say trade is rising with the Americans.
The data, released Tuesday, shows exports to the U.S. increased 3.1 per cent in June after four consecutive months of decreases.
Statistics Canada notes, however, exports were still down 12.5 per cent compared to June 2024.
BMO economist Shelly Kaushik said in an interview that trade data can be volatile on a monthly basis.
“The data is also very highly susceptible to revision. That’s something to keep in mind in general, but also especially when there are so many announcements in a lot of swings, we see things like tariff frontrunning impacting the data a lot on a monthly basis,” she said.
But it’s not just products being sent to the U.S. that is on the rise. Imports from the U.S. were up 2.6 per cent in June — the first increase after three consecutive monthly decreases.
According to Statistics Canada, the increase in imports was in large part due to the import of a module for an offshore oil project.
As a result of exports rising more than imports, Canada’s trade surplus with the U.S. rose from $3.6 billion in May to $3.9 billion in June.
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