Canada recorded a trade surplus for the fourth consecutive month, with gold exports offsetting declines in energy.

Due to the increase in gold exports offsetting the decline in energy exports, Canada's trade surplus modestly expanded in June. Data released by Statistics Canada on Tuesday showed that imports and exports in June grew by 0.2% and 0.4%, respectively, pushing the trade surplus from a revised 3.7 billion CAD in May to 3.86 billion CAD. Canadian exports rose for the fifth consecutive month, with exports of metal and non-metallic mineral products increasing by 16.5%, becoming a key driving factor. This growth was primarily due to an increase in gold exports to the UK and foreign residents purchasing gold held in Canada in June. Meanwhile, due to falling crude oil prices, Canada's energy exports decreased by 10%.