Canada’s trade surplus with the rest of the world expanded significantly in August on larger energy exports.

The country’s merchandise trade surplus was $1.94 billion (US$1.5 billion) from a revised $736 million surplus in July, Statistics Canada reported Tuesday in Ottawa. Economists were expecting a surplus of $430 million, according to the median estimate in a Bloomberg survey.

August was the third consecutive month in which Canada’s trade balance was in surplus. Exports rose 0.8 per cent, with energy products rising the most, and imports fell 1.4 per cent.

“Canada’s trade balance and export backdrop showed resilience in August despite lingering supply chain headwinds,” Omar Abdelrahman, an economist at Toronto-Dominion Bank, said in a report to investors. “Commodity exports drove the gain, which more than offset the decline in motor vehicles and parts exports.”…read more.