Canada reports its first merchandise trade surplus since February, driven by increased energy exports.

Canada recorded a $708 million merchandise trade surplus in December 2024, its first since February, due to a 4.9% rise in exports to $69.5 billion, driven by a 9.5% increase in energy product exports. This was partly due to higher crude oil prices, which rose by 11%. Imports also increased by 2.3% to $68.8 billion. Despite the monthly surplus, Canada's overall trade surplus with the U.S. decreased in 2024 to $102.3 billion.

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