OTTAWA, July 7 (Xinhua) -- Canada's merchandise exports in May rose 4.1 percent compared with April, a fifth consecutive monthly increase and the 10th gain over the past 12 months, Statistics Canada announced Thursday.
Exports of energy products increased 5.7 percent in May, representing 29.8 percent of total exports, an all-time high, the national statistical agency said, adding that exports of crude oil and bitumen rose the most, or 9.2 percent in May, the result of higher prices.
Uncertainty about supply is behind the recent rise in crude oil prices. Export prices for crude oil have almost doubled since May 2021.
According to the agency, exports of metal ores and non-metallic minerals rose 17.2 percent in May to reach a record-high. Exports of potash jumped 34.9 percent, partly because of a large gain in exports to Brazil. Russia is the largest exporter of fertilizers in the world, and amid the conflict in Ukraine, demand for fertilizer products exported by other countries has risen, leading to record-high exports of Canadian potash. Exports of copper ores and concentrates increased 74.4 percent in May, mainly on higher exports to South Korea.
Meanwhile, imports decreased 0.7 percent. As a result, Canada's merchandise trade surplus with the world widened to 5.3 billion Canadian dollars (4.24 billion U.S. dollars) in May, the largest trade surplus since August 2008.
When international trade in goods and international trade in services were combined, exports increased 3.8 percent to 80.8 billion Canadian dollars (64.64 billion U.S. dollars) in May, while imports were down 0.5 percent to 76.7 billion Canadian dollars (61.36 billion U.S. dollars). As a result, Canada's trade surplus with the world went to 4.2 billion Canadian dollars (3.36 billion U.S. dollars) in May. ■
