[Record Energy Exports Drive Canada's Current Account Exception to a 20-Year High] Canada's second-quarter current account surplus exceeded economists' expectations by more than double, with crude oil and bitumen exports surging to record levels, providing a trade buffer for the country amid escalating tariff disputes with the United States. Statistics Canada reported on Thursday that Canada's second-quarter current account surplus reached C$8.84 billion ($6.4 billion), the largest surplus since 2005 and the fourth largest since data became available in 1981. The revised deficit for the first quarter was C$8.31 billion. Economists had previously expected a C$3.9 billion surplus. The shift from deficit to surplus was primarily driven by merchandise exports, particularly energy exports. Fueled by the surge in global oil prices driven by the Iran war, Canada's energy exports rose 27.4% in the second quarter. Inflows into Canadian government bonds also hit a record high, with foreign investors adding C$80.8 billion to their holdings.
