08:56 AM EST, 02/05/2025 (MT Newswires) -- Canada's international trade balance Wednesday moved into a surplus in December at C$710 million, noted CIBC.

That was a little lower of a surplus than was expected by the consensus at C$1.0 billion and reflected a 5% month-over-month increase in exports against a 2% rise in imports, said the bank.

Exports to the United States rose by 5% month over month and may have reflected some front-running of potential tariffs, but higher oil prices also would have boosted that figure, stated CIBC.

The continued depreciation of the Canadian dollar (CAD or loonie) during the month also contributed to higher trade activity in CAD terms, pointed out the bank.

For Q4 overall, real export volumes rose by 2.7% quarter over quarter and import volumes increased by 2.0%.