AFP

Trade surplus boosted by on oil gains

Fri May 9, 11:05 AM

OTTAWA (AFP) - Soaring oil prices drove Canada's trade surplus to 5.5 billion US dollars in March, its highest level since May 2007, Statistics Canada said Friday.

Exports to the United States, Canada's largest trading partner, climbed for the third month in a row while imports from its neighbor decreased.

Consequently, the trade surplus with the United States rose to 8.6 billion dollars, the highest level since April 2006.

Canada's trade deficit with countries other than the United States, meanwhile, fell to 3.1 billion dollars, contracting for the third straight month, as exports to Mexico and Norway spiked.

Overall exports rose 1.6 percent to 40.1 billion dollars in March, largely on the strength of energy products, principally attributable to a rise in prices of natural gas and crude petroleum.

Imports, meanwhile, slipped 0.3 percent to 34.5 billion dollars, with declines in all sectors except energy.

Exports of forestry products fell 7.7 percent, as US demand remained sluggish.

Imports of energy products, the only sector to register a gain, soared 17.6 percent, due largely to a jump in volumes of natural gas as Canadian inventories were re-established.

And automotive product imports posted the category's largest monthly decrease since August 2003, falling 11.4 percent, as the industry faced a labor dispute in the US motor vehicle parts supply chain.

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