Canada posted a strong current account surplus for the second quarter.

The second quarter surplus came in at a quarterly rate of $4.9 billion. “Since breaking back into the black in early 2000, Canada has now enjoyed ten consecutive quarters of positive current accounts,” says CIBC World Markets. “While no longer rivaling the record tallies enjoyed before the slowdown, and although a wobbly U.S. recovery raises risks for Canadian exports going forward, Canada’s impressive run of current account surpluses shows no signs of ending.”

RBC Financial Group economists says that the 10 consecutive quarters of surplus is, “an impressive feat as it had never even reached $4 billion until 2000. The Q2 number was a little weaker than expected though as a lower merchandise trade surplus and a widening in the investment income deficit pulled the overall surplus down.”

CIBC concludes, “Although fading U.S. demand is expected to cap stateside exports in the second half, there’s still plenty of room in the surplus to absorb weaker trade flows. So while the full year surplus looks to slip below $20 billion, relative to the U.S., Canada’s balance of payments position remains a plus for the Canadian dollar.”