Canada's merchandise trade surplus reached its highest level in four years during May 2024, driven by record exports totaling C$77.1 billion, according to FX Street. This marks a significant milestone for the country's trade performance.
National Bank of Canada strategist Alexandra Ducharme highlighted that the gains were largely propelled by increased shipments of metal ores and non-metallic minerals, despite a decline in energy exports. These sectoral shifts played a key role in boosting the overall trade surplus.
For Japanese investors and traders, this development in Canada’s trade balance could influence commodity markets and FX flows, given the country’s role as a major resource exporter impacting global supply chains and pricing.