Canada has reported its first trade surplus in six months.
Statistics Canada announced that the merchandise trade balance swung to a surplus in March as higher crude oil prices and surging demand for gold drove a sharp jump in Canadian exports.
The March surplus totaled $1.78 billion, compared with a $5.11 billion deficit in February of this year. Analysts polled by Reuters (TRI) had forecast a March trade deficit of $2.88 billion.
It was the first time in six months that Canada had a trade surplus as the war in Iran boosted crude oil prices, lifting the value of exports.
Continued demand for gold also helped to boost Canada’s exports.
Canada’s total exports rose 8.5% to $72.8 billion, Metal exports rose 24% year-over-year, while energy exports gained 15.6%.
At the same time, Canada’s trade surplus with the U.S. reached its highest level in six months at $7.1 billion, and the share of exports to the U.S. dropped to 66.7%, its lowest level on record.
Canada’s exports to countries other than the U.S. hit a record high in March. Exports to non-U.S. countries rose 9.1% while imports from countries other than the U.S. decreased 2.2%.
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