The country’s merchandise trade surplus with the world hit $5.8 billion in July, driven by a boom in exports of crude oil, Statistics Canada said today. More than economists had forecast, it is the third highest level for July exports on record, the agency says.

Statistics Canada says companies exported just over $38 billion worth of merchandise in July, up 2.1% from June.

At the same time, imports edged down 0.5 per cent to $32.2 billion.

The agency says that put Canada’s trade surplus with the world at $5.8 billion, well above a revised level of $4.9 billion for June.