By Kim Mackrael
OTTAWA--Canada's quarterly current-account surplus widened during the April-to-June period as exports of goods rose.
The country's current account, or the broadest indicator of Canada's trading and investing relationship with other nations, recorded a surplus of 3.58 billion Canadian dollars, or the equivalent of $2.84 billion, in the second quarter of 2021, Statistics Canada said Monday. Market expectations were for a current account surplus of about C$500 million, according to CIBC Capital Markets.
The data released Monday mark a second consecutive current-account surplus for Canada. The previous quarter's data were revised, Statistics Canada said, and now indicate Canada's current-account surplus in the first three months of 2021 was C$1.82 billion, compared with an earlier estimate of C$1.18 billion.
Until the first quarter of this year, Canada's current account balance had been in deficit since late 2008, during the financial crisis. The Canadian economy is now benefiting from strong commodity prices, which have risen since the depths of the coronavirus-induced recession.
Statistics Canada said higher prices were the biggest contributor to the advance in goods exports that was reported during the second quarter. Exports of forestry products and building and packaging materials, as well as energy products, posted strong gains in the quarter.
Meanwhile, Canada's trade in services remained in a surplus position during the second quarter, which the data agency attributed to the continuing impact of the coronavirus pandemic and travel restrictions.
Write to Kim Mackrael at kim.mackrael@wsj.com
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August 30, 2021 at 08:31PM
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