Exports rose 5.5% overall in June, outpacing a 1.9% rise in imports.
The report was released at the same time as US data that showed the country’s trade defict narrowed in June for the first time in three months. Canadian government two-year bond yields rose about three basis points on the day to 3.213%, while the loonie fell about 0.1% to C$1.384 per US dollar as of 8:45 a.m. in Ottawa.
The rise in exports captures the impact of the Trans Mountain pipeline’s expansion, which began commercial operations in May. Prime Minister Justin Trudeau’s government spent billions to complete the near-tripling in capacity of a line that runs from Alberta’s oil sands to a Vancouver-area port.
Exports of energy products were up 11.7% in June, led by higher exports of crude oil. While crude oil prices rose in June, volumes were the largest contributor to the increase, driven largely by higher shipments to Asian countries.
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