Canada Q1 current account balance +$1.18B vs +$2.50B expected

Canada current account data

• Prior was -$7.26B
• This was the first surplus since the third quarter of 2008
• Trade in goods and services balance recorded a $2.1 billion surplus in the first quarter, the first positive balance since 2008
• The investment income surplus declined by $4.9 billion to $1.0 billion in the first quarter
• Direct investment in Canada amounted to $19.6 billion in the first quarter, the highest level since the second quarter of 2019
• Direct investment in Canada was mainly in energy and mining, as well as in manufacturing, in the first quarter
• Canadian investors acquired $37.4 billion of foreign securities in the first quarter, following a significant investment of $42.5 billion in the previous quarter
• foreign investment in Canadian securities slowed to $12.7 billion in the first quarter, compared with a $21.9 billion investment in the previous quarter.