CANADA’S overall merchandise trade deficit with the rest of the world dropped dramatically in June to C$424 million (about US$482 million), the lowest since January 2017, Statistics Canada said Friday.

The country saw a 4.1 percent increase in exports compared with May, reaching C$50.7 billion, due to spiked exports of energy products and aircraft.

Energy exports, primarily oil, rose 7.1 percent to the highest since October 2014, and aircraft sales grew by almost 45 percent.

The unexpected export performance has heightened expectations that the Bank of Canada will raise its interest rates next month. The central bank has raised its rates four times since the middle of last year as the economy has been strengthening. (Xinhua)