It’s a number that probably gets under Donald Trump’s skin.
The latest figures on trade with our international partners show the surplus we had with the U.S. in July was the highest in 10 years. The value of exports from Canada went up, while imports from the U.S. went down. On top of that, the price of energy went up, which increased our sales even though the actual number of things we shipped to them went down.
And while we were seeing growth in our exports to the U.S., shipments to other major trading partners like Germany, Japan, Mexico and India went down. The only other increase was in our sales to Great Britain.
Part of this could be the value of the Canadian dollar. Its decline has made the international price of our goods more attractive.
When you shake this all out, our American surplus and global deficit are almost in balance with a deficit of only $114 million, which is the lowest in couple years. It’s just that it favours us in a Canada-U.S. context.