Canada's Trade Surplus with U.S. Reaches Six-Month High Amid Gold and Oil Export Surge
Canada's merchandise trade balance shifted to a surplus in March, driven by increased exports of crude oil and gold, according to Statistics Canada. The country posted a C$1.78 billion surplus, a significant turnaround from a C$5.11 billion deficit the previous month. This change was largely attributed to higher crude oil prices and strong global demand for gold, which boosted exports. Exports to the U.S. rose by 8.3% to C$48.51 billion, marking the highest level in a year, while imports from the U.S. fell by 1.2%. Consequently, Canada's trade surplus with the U.S. reached C$7.1 billion, the highest in six months. Despite the increase in exports to the U.S., Canada's share of exports to the U.S. dropped to 66.7%, the lowest ever, as the country continues to diversify its trade partners. 
