As reported by the Canadian Manufacturers & Exporters (CME), higher crude oil prices have effectively wiped out Canada’s trade deficit in July. Consequently, exports have increased by 0.8 per cent in July to reach an all-time monthly record of $51.3 billion.

Canada’s year-over-year export growth rate has exploded after remaining stagnant for the first four months of the year. Exports in July were a full 16.3 per cent higher than they were 12 months earlier. Moreover, unless trade relations with the United States take a turn for the worse, that trend is likely to continue into the coming months.

The CISC is committed to sharing vital information and news to help contribute to the success of the steel industry. Below is the full manufacturing report prepared by CME’s Chief Economist, Mike Holden.