High energy prices lead to surge in current account surplus

Canada's current account surplus in the third quarter almost doubled to $9.3 billion – the third biggest on record – as soaring energy prices boosted the value of the country's exports.

Economists had expected the surplus to rise to about $8.9 billion.

(CP File Photo)

The current account covers all international transactions on goods, services, investment income and current transfers.

Statistics Canada said exports of goods rose to a record $116.2 billion in the August-to-October period.

The surplus on trade in goods rose $5.2 billion to $18.8 billion in the third quarter. Statistics Canada said the value of energy exports reached their highest level ever.

"Even with energy prices cooling since then [Q3], the surplus is expected to remain well in the black in the year ahead," BMO Nesbitt Burns said in a commentary. "Meantime, cooler energy prices are starting to take the edge off Canada's inflation figures."

The Canadian dollar slipped 0.05 cents US to 85.57 cents US.