Canada’s trade surplus grew to $7 billion in September on record highs for exports and imports, Statistics Canada said today.
Exports of natural gas soared, while imports of crude petroleum rose in the wake of back-to-back hurricanes, the federal agency said.
In August, the trade surplus stood at $6.4 billion.
Exports in September jumped 2.8% to a high of $39.8 billion, while imports rose by 1.4% to $32.7 billion.
“Hurricanes Katrina and Rita sent natural gas prices soaring, resulting in a big gain in the value of natural gas exports going south of the border,” Statistics Canada said.
“In fact, about three-quarters of September’s 2.8% increase in exports was due to higher natural gas prices.”
The surplus with the United States exceeded $10.7 billion, the second highest level ever, compared with $9.4 billion in August.
Canada’s trade deficit with countries other than the United States widened to $3.7 billion from August’s $3 billion.