(RTTNews) - Canada’s current account surplus widened more than forecast in the second quarter, bolstered by higher prices for energy and other exported commodities.

According to data released Thursday morning by Statistics Canada, the trade surplus expanded to $6.8 billion, with higher prices for several exported commodities pushing the goods surplus to $16.4 billion.

Transactions in services and investment income had a dampening effect on the increase in the current account balance in the second quarter.

accelerating energy prices were the main factor behind the strength in the value of sales of goods to other countries. Despite a marginal decline in volumes, export values for crude petroleum were up $3.0 billion on strong price gains (+25%).

The increase in the value of exports of natural gas arose from sharply higher gas prices (+33%), as volumes declined 14%. Export values for coal more than doubled in the second quarter, due to high international demand, which influenced both prices and volumes. Exports of forestry products advanced modestly for the first time since 2005, driven by price gains.

Automotive products continued to decrease despite higher exports of passenger autos. This was the fifth consecutive drop in foreign sales of automotive products, bringing these values to the lowest levels since the fourth quarter of 1996.

Non-residents’ investment in Canadian securities amounted to an unprecedented $27.6 billion during the second quarter and was dominated by investment in debt instruments. Canadian issuers, largely private corporations and federal government enterprises, were active on global debt markets, and foreign acquisitions of Canadian bonds ($19.6 billion) reflected this.

At the same time, the demand for Canadian money market instruments rebounded ($2.7 billion), split between federal and provincial government paper.

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