Canada’s August Trade Surplus with U.S. Nearly Doubles to $11.2 Billion

Canada recorded a $11.2 billion trade surplus with the United States in August, nearly double the $6.1 billion surplus reported in July.

According to a report released by Statistics Canada on Tuesday, exporters accelerated shipments to the U.S. ahead of the implementation of new tariffs imposed by U.S. President Donald Trump. Canadian exports to the U.S. increased by 8.1 per cent, while imports declined.

Economists say the full impact of the new tariffs will become clearer in the September data, which will also reflect the impact of Canada’s counter-tariffs.

Statistics Canada said Canada’s overall trade balance also posted a $4.2 billion surplus in August, the highest level in four years, largely driven by stronger exports to the U.S.

However, exports to markets outside the U.S. fell 8.5 per cent in August, after rising 8.2 per cent in July. As a result, Canada recorded a $7 billion trade deficit with countries other than the United States.