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Canada recorded its widest merchandise trade surplus since 2008 in June as exports posted one of the largest gains on record, government figures showed Thursday.
The surplus of CAD3.2 billion followed a May deficit of CAD1.6 billion, Statistics Canada said. Exports rose 8.7% to a record CAD53.8 billion, while imports fell 1.0%. The gain in exports was led by a 23% rise in energy products. The June figure breaks from a recent history of persistent deficits and may reflect supply chains disrupted by the pandemic, while the overall figure still plays into MNI reporting that a strong economy in the second half justifies a further BOC taper of QE.