OTTAWA — Canada’s merchandise trade surplus increased to $4.2 billion in May, the largest surplus in four years, as exports rose to a record high, Statistics Canada said Tuesday.
The agency said the result compared with a surplus of $3.4 billion in April, which was revised from its initial reading of $2.7 billion.
BMO senior economist Robert Kavcic said Canadian trade surpluses can come and go quickly with swings in oil prices.
“This is probably the high watermark for now,” he said. “Still, net exports look to add firmly to growth in Q2, another data point that suggests the Canadian economy has snapped out of its two-quarter funk.”
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