Cailu Macro: It is not only oil prices that are driving strong exports in Canada.

Ariana Curtis, macro strategist at Capital Economics, said that the strength of Canada's exports in April was not just due to oil prices. While rising oil prices continue to support energy exports, Canada's export volumes have also shown widespread growth. Curtis said that improvements in Canada's trading conditions since the outbreak of the Iran war suggest that the trade surplus should further increase in the coming months. With exports reaching a historical high, the trade surplus in goods expanded from $1.8 billion in March to approximately $2.7 billion in April. The economist stated that the trade data seems to align with the preliminary estimate of a strong 0.4% month-on-month GDP growth in April.