Statistics Canada announced on Thursday that Canada recorded a trade surplus of CAD0.78 billion in July, compared with a revised CAD2.56-billion surplus in June (originally a CAD3.23-billion surplus). 

Economists had forecast a surplus of CAD1.40 billion.

According to the report, Canada’s exports rose 0.6 percent m-o-m to a record CAD53.75 billion in July, as gains in most product sections were partially offset by a steep fall in exports of lumber and other sawmill products (-23.6 percent m-o-m) drove the decline. Excluding this product section, total exports were up 2.0 percent m-o-m. Meanwhile, imports jumped 4.2 percent m-o-m to CAD 52.97 billion in July, as 9 of the 11 product sections recorded increases, with motor vehicles and parts (+21.1% percent m-o-m) accounting for more than two-thirds of the advance in total imports.