Canada’s trade surplus hit a record $8.6 billion in June as the country’s exports grew for a fifth consecutive month, Statistics Canada said Friday.

Merchandise exports hit a record high of slightly more than $39.0 billion for June, eclipsing previous record levels achieved during the high-tech boom.

Exports increased by 4.4%, while imports fell 3.7% from their record high in May.

Canada’s exports increased to all of its principal trading regions, while every industry, except forestry products, registered gains.

“Increasing global demand and a steady rebound for the first half of 2004 south of the border appear to be eroding any dampening effects that the strong Canadian dollar had over the exporting community,” Statistics Canada said.

The trade surplus in May was $5.8 billion.

In a separate release, StatsCan said StatsCan said manufacturers cruised through June, posting record-high shipments of $49.9 billion, up 1.5% from May. A build-up of inventories, coupled with rising new orders rounded out the upbeat month.

According to StatsCan, June’s increase in shipments was widespread; 15 of 21 industries, accounting for a healthy 82% of total shipments, were up. June also marked the seventh consecutive advance in shipments, the longest string of gains since eight months were reported during 1998/99.

The agency said big-ticket industries such as motor vehicles, aerospace and machinery, contributed to a 2.0% hike in durable goods manufacturing to $28.6 billion in June, the highest level since the boom period of 2000. Shipments of nondurable goods were also up by 0.8%, following May’s price-inflated jump of 2.3%.

Trade surplus
http://www.statcan.ca/Daily/English/040813/d040813a.htm

Survey of manufacturing
http://www.statcan.ca/Daily/English/040813/d040813b.htm