Canada current account for Q2 2.69B vs 6.6 billion estimate

• Current account for Q2 2.69B vs 6.6B estimate
• prior month 2.65B revised from 5.03B
• The trade in goods and services balance posted a $9.1 billion surplus in the second quarter, a level not reached since the third quarter of 2008. The trade in goods surplus reached $12.5 billion, also the highest level since 2008.
• Exports of goods were up by $23.1 billion to $204.8 billion in the second quarter of 2022. The largest contributor was energy products, up $12.7 billion as prices increased 30.6% while volumes were slightly down. Metal and non-metallic mineral products also contributed with an increase of $2.4 billion on higher volumes.
• imports of goods rose by $18.9 billion to $192.4 billion, the highest increase since the third quarter of 2020. Imports of energy products were up $3.2 billion in the second quarter of 2022 on higher prices. Motor vehicles and parts rose by $3.1 billion on stronger volumes, and consumer goods increased by $3.1 billion as volumes and prices rose.

This balance reflected a higher trade in goods surplus offset by higher trade in services and investment income deficits.

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