08:57 AM EDT, 09/04/2024 (MT Newswires) -- Canada's goods trade balance swung back into surplus territory again following a revised deficit in the prior month, said CIBC following data released on Wednesday.

The C$700 million surplus was close to consensus expectations, and the improvement in the overall balance relative to the prior month occurred because exports (-0.4% m/m) fell by less than imports (-1.7% m/m), noted the bank.

The declines in both imports and exports were largely driven by lower two-way trade in autos. Exports excluding autos edged up by 0.3% m/m, due to increases in energy products and consumer goods.

Overall export volumes were down by 1.5% m/m. Adding in services as well, the trade deficit slimmed from C$1.6 billion in June to C$800 million in July, added CIBC.