By Promit Mukherjee <\/p>\n
OTTAWA, Oct 6 (Reuters) – Canada’s trade surplus widened substantially in August to C$4.2 billion ($2.94 billion), data showed on Tuesday, as exporters rushed to increase shipments to the \u200cUnited States before President Donald Trump’s new tariffs took effect. <\/p>\n
Analysts polled by Reuters had \u200cforecast the trade surplus to expand to C$1.55 billion, from an upwardly revised C$787 million. <\/p>\n
As exporters shipped more to the US \u200bto beat the looming new 50% tariffs from Trump, Canada’s exports to the US surged 8.1% in August, while imports were down 2.5%. <\/p>\n
This helped Canada post its 19-month high trade surplus with the US at C$11.2 billion, lifting its share of exports to its biggest trading partner to almost 70%, first \u200ctime since September 2025. <\/p>\n
Trump’s new tariffs \u2060covers roughly $20 billion of Canadian exports to the US and came into effect on August 22. <\/p>\n
Economists have said that September would show a more accurate impact \u2060of the new tariffs which cover a variety of products including wine, furniture, dairy products, cement, clothing, fishing rods, hockey equipment. <\/p>\n
September will also show the impact of Canadian counter tariffs on US imports and Trump’s \u200bban on \u200bsome goods imports from Canada. <\/p>\n
Canada’s overall exports increased by \u200b2.5% in August to C$77.91 billion, \u200cafter falling by 2.6% in the prior month. Exports of energy products – refined petroleum products and crude oil – posted the biggest overall gain and increased by 4.7% to C$19.03 billion. <\/p>\n
A stronger Canadian dollar also impacted the value of exports. <\/p>\n
Excluding energy products, exports were up 1.8%. In volume terms, total exports rose 2.5%, StatsCan said. <\/p>\n
Exports of consumer goods were up 6.6%, industrial machinery, equipment and parts were \u200cup 10.1% and electronic and electrical equipment and parts increased \u200b11.0% in August, the statistics agency said. <\/p>\n
Imports were down 2% \u200bto C$73.71 billion, with imports of motor \u200bvehicles and parts posting the largest decline in August. <\/p>\n
As Canada negotiated waves \u200cof tariffs across some crucial sectors such as \u200bsteel, aluminum, autos and \u200blumber for almost 18 months, its export dependence on the US shrunk while exports to the rest of the world rose as it sought to diversify its trade partners. <\/p>\n
After increasing \u200b8.2% in July, exports to countries \u200cother than the US fell 8.5% in August, and imports decreased. Its trade deficit \u200bwith countries other than the US widened to C$7.0 billion in August from C$5.3 \u200bbillion in July, StatsCan said. <\/p>\n
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