Energy products like oil made up almost 30 per cent of everything Canada shipped to the rest of the world in May, the highest share on record. (Spencer Platt/Getty Images - image credit)Canada's merchandise trade surplus grew to $5.3 billion in May, which is the largest trade surplus since August 2008, Statistics Canada says. Canada exported more than $20 billion worth of energy products like oil during the month. Stephen Brown, an economist with Capital Economics, said most of the large trade surplus can be chalked up to booming demand for Canadian commodities like oil, food, and metal and minerals. "We expect commodity prices to remain relatively high [so] we doubt Canada will return to running trade deficits any time soon," he said.

Source: CBC News July 07, 2022 20:32 UTC