Surprising Trade Surplus

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By Elli Davis, February 17, 2011

Coffee Smiley by Brad

Here‘s some very positive economic news! The first trade surplus in 10 months was, quite unexpectedly, recorded in Canada in December! The surplus was actually the highest one since October 2008, reaching $3.0 billion, Statistics Canada reported. Just for comparison, in November, there was a (revised) deficit of $115 million. This is quite a change, isn‘t it?

Imports went up by 0.7 percent to $34.79 billion, with import prices increasing by 0.4 percent and volumes rising by 0.3 percent. Exports saw the biggest increase since February 1982, up 9.7 percent to $37.78. Export prices advanced by 2.9 percent and volumes rose by 6.6 percent. Canada‘s trade surplus with the US went up from the November level of $3 billion, to $5.09 billion in December. This is its highest level since October 2008.

This is amazing to hear, I‘m pleasantly surprised with the results. I almost couldn’t believe my eyes when I checked the news and there was finally nothing about a deficit. I really like it!