Canada recorded a C$8.84 billion current-account surplus in the second quarter of 2024, sharply beating forecasts for a C$2 billion deficit and reversing a C$6.2 billion shortfall in the first quarter. The turnaround was driven by stronger exports of energy and agricultural products, along with gains in travel and transportation services, while imports grew more slowly. The result points to resilience in Canada’s external sector, although economists caution that one quarter does not establish a trend. A sustained surplus could support the Canadian dollar and potentially reduce the urgency for Bank of Canada interest-rate cuts, but future performance will depend on global demand, commodity prices, interest rates and broader market sentiment.