Trade surplus increased to $5.5B in May

Record Canadian exports to countries other than the United States helped push the country's trade surplus to $5.5 billion in May, Statistics Canada said Friday.

The trade surplus increased from $4.8 billion in April.

Canadian exports grew for the fifth consecutive month, rising 5.4 per cent to $42.1 billion, while imports increased 3.9 per cent to $36.6 billion, their largest increase since July 2007.

Exports to countries other than the United States surpassed the $10-billion mark, with export growth doubling the rise in imports. The country's trade deficit with countries excluding the U.S. narrowed to $2.5 billion from $3.3 billion. Statistics Canada said the growth was partially attributed to increased coal exports to Japan and South Korea, where it is used to produce steel.

Overall Canadian energy exports rose for the seventh consecutive month, increasing 8.1 per cent to $11.6 billion in May. In addition to the shipments of coal to Asia, crude petroleum also contributed to the rise.

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