The agency said exports to the U.S. rose 3.1 per cent in June compared with the prior month, but were still down 12.5 per cent on a year-over-year basis.Canadian exporters did more business with the United States in June even as tariffs ramped up, Statistics Canada said Tuesday.The agency said exports to the U.S. rose 3.1 per cent in June compared with the prior month, but were still down 12.5 per cent on a year-over-year basis.Canada’s trade surplus with the U.S. expanded to $3.9 billion in June from $3.6 billion in May as imports rose less than exports.Overall, Canada’s merchandise trade deficit with the world widened to $5.9 billion in June, up from $5.5 billion in May.AdvertisementThe June figures close a volatile first half of the year that saw on-again, off-again tariffs from the United States skew Canadian trade volumes.StatCan said total exports were up modestly for the second month in a row in June, coming off the biggest drop in nearly five years in April as early tariffs took full effect. Higher energy exports were largely to thank for the increase.The agency said there was a June jump in imports tied to a one-time, high-value shipment — an offshore oil project module from the United States bound for Newfoundland.That import surge was somewhat offset by Canadian firms getting higher prices for their exports, the agency said. By volume, exports were down in the month.CIBC senior economist Andrew Grantham said in a note to clients Tuesday that while two-way trade picked up in June, the latest figures show “Canadian trade still hasn’t found a new footing.”“While trade flows should stabilize in the months ahead, their level will likely remain lower than that seen last year due to ongoing U.S. tariff policy and related uncertainty,” Grantham said.A decrease in metal and mineral product exports, meanwhile, was driven by declines in shipments of unwrought gold to the United Kingdom, StatCan said.Declines in metals exports also coincided with the U.S. doubling global steel and aluminum tariffs to 50 per cent early in June, the agency said. (ICE TORONTO)

Fonte notizia: https://www.plant.ca/