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Investing.com -- Canada’s energy exports to the United States saw a significant increase at the close of last year, resulting in the country’s trade surplus with its largest trading partner reaching the highest level in over two years.
The upswing in crude oil shipments was likely propelled by a mixture of elevated prices, a depreciating Canadian dollar, and traders’ attempts to preempt the tariffs on Canadian goods threatened by President Donald Trump. Following a discussion with Canadian Prime Minister Justin Trudeau on Monday, Trump decided to postpone the initiation of his tariffs by one month.
The trade imbalance between Canada and the US is entirely due to oil exports. Consequently, Canada’s surplus with the US broadened in December, even as its deficit with other trading partners increased. The boost in oil exports also contributed to Canada recording an overall trade surplus for the first time in ten months.
According to Statistics Canada on Wednesday, Canada’s trade balance shifted to a surplus of C$708 million ($496 million) in December, a significant improvement from a $986 million deficit in November.
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