Top Stories
Top Stories
Wires

UPDATE 1-Canada posts C$762 mln trade surplus in May

(Adds details)

OTTAWA, July 3 (Reuters) - Rising exports of motor vehicles, aircraft and energy products helped Canada post a surprise C$762 million ($582 million) trade surplus in goods in May, Statistics Canada reported on Wednesday - only the second surplus seen since December 2016.

Analysts in a Reuters poll had forecast a shortfall of C$$1.50 billion. Statscan revised April's deficit to C$1.08 billion from an initial C$966 billion.

Statistics Canada said total exports rose 4.6% to a record C$53.1 billion in May. Exports of motor vehicles were up 12.4% in May to C$8.4 billion, thanks to increased shipments of passenger cars and light trucks after Canadian production increased.

Exports of boats and other transportation equipment almost quadrulped in May in part because of higher demand for light armored vehicles from Saudi Arabia. Meanwhile, exports of aircraft jumped 40.2% because of increased shipments of business jets and commercial aicraft, particularly to the United States.

On the energy front, exports of energy products rose 5.0% in May to C$10.8 billion, including a 2.8% jump in crude oil shipments, mainly on higher prices.

Canada sent 73.9% of all its goods exports to the United States in May. Exports to the United States rose by 3.7% to a record C$39.3 billion, while imports dropped by 0.5%.

As a result, Canada's bilateral trade surplus widened to C$5.9 billion in May from C$4.4 billion in April - the largest surplus since October 2008.

($1=$1.3097 Canadian)

(Reporting by Kelsey Johnson, Editing by Dale Smith and Chizu Nomiyama)