08:51 AM EDT, 08/06/2024 (MT Newswires) -- Canada's merchandise trade balance with the world moved from a deficit of $1.6 billion in May to a surplus of $638 million in June as merchandise exports increased 5.5% m/m while imports rose 1.9% m/m, said the country's statistical agency on Tuesday.

June's surplus contracted with a $2.0 billion consensus deficit figure provided by MUFG.

Total exports were up 5.5% m/m in June, the largest percentage increase since February 2024, noted Statistics Canada in a statement. Overall, nine of the 11 product sections increased. In June, crude oil and unwrought gold accounted for more than three-quarters of the increase in the value of total exports. In real (or volume) terms, exports rose 3.8% in June.

Imports of motor vehicles and parts rose 5.1% m/m in June, contributing the most to the increase in total imports.

Canada's trade surplus with the United States widened from $8.8 billion in May to $9.4 billion in June as exports to the US were up 2.6% m/m in June, a third consecutive monthly increase, while imports from the US rose 1.7% m7m. June's surplus is the largest surplus since November 2023, pointed out StatsCan.

Canada's trade deficit with countries other than the US narrowed from $10.4 billion in May to C$8.7 billion in June as exports to countries other than the U.S. rebounded 16% m/m in June and imports from countries other than the US posted a more modest increase of 2.1% m/m.