The value of exports rose by almost 20 percent since the beginning of 2022 and higher prices were behind the bulk of that increase, the national statistical agency said. However, a sharp decrease in prices drove export values down in July, while total exports in real, or volume, terms increased 1.7 percent, a third consecutive monthly increase.
According to the agency, exports of consumer goods decreased the most, with exports of pharmaceutical products falling 49.1 percent. Exports of energy products fell 4.2 percent, the first monthly decrease of the year. Exports of metal and non-metallic mineral products decreased 8.4 percent.
Meanwhile, exports of farm, fishing and intermediate food products partially offset the overall decrease in total exports, mainly because of higher exports of wheat. Amid the expected rebound in wheat production in the new crop year, as well as the conflict in Ukraine, higher supplies from inventories and stronger demand for Canadian wheat pushed export values with an increase of 55.8 percent to a new record high in July, the agency said.
When international trade in goods and international trade in services were combined, exports decreased 2.4 percent to 80.9 billion Canadian dollars (64.7 billion U.S. dollars) in July, while imports fell 0.8 percent to 78.6 billion Canadian dollars (62.9 billion U.S. dollars). As a result, Canada's trade surplus with the world went from 3.7 billion Canadian dollars (3 billion U.S. dollars) in June to 2.3 billion Canadian dollars (1.8 billion U.S. dollars) in July, Statistics Canada said.
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