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Oil Exports Drive Canada’s Trade Surplus with the U.S.

Posted August 30, 2017

Under Economic Issues, International Trade Issues

(Kevin Carmichael – Maclean’s)

Foreign Affairs Minister Chrystia Freeland says Canada doesn’t measure the value of trade in terms of deficits and surpluses. But U.S. President Donald Trump does, which is why Statistics Canada’s latest trade data will be more political than usual.

In the second quarter, Canada shipped goods to the United States worth $10.4 billion more than the stuff imported from its largest trading partner.

That’s a smaller surplus than the previous quarter, but still one of the wider gaps in recent years. One of the Trump administration’s main goals in triggering a renegotiation of the North American Free Trade Agreement was narrowing the U.S. trade deficits with Canada and Mexico. Washington will have taken note. Click here to read more.