Canadian trade balance May 2022
  • Prior was +1.50B
  • Exports 68.44B vs 64.31B prior
  • Imports 63.1B vs 62.82B prior
  • Exports rose for the fifth consecutive month
  • Exports up in 8 of 11 product sections led by oil and aircraft
  • Exports up 20% in dollar value this year but only up 2.3% in volume terms
  • Exports rose on a large delivery of business jets to the US
  • Imports down 0.7% in first decline in four months
  • Declines in 6 of 11 product sections led by consumer goods
  • Imports of clothing and footwear down 11.3%
  • Canada's trade surplus with the United States widened from $12.9 billion in April to a record $14.0 billion
  • Full report

This is the largest trade surplus since August 2008. The loonie briefly touched the lows of the year on Tuesday but it's back below 1.3000 today, down 39 pips on China growth optimism.