Green shoots of a goods export rebound emerge, while the expanding services surplus suggests no FY24 CAD
Goods exports declined 6.8% YoY in Aug’23, the best performance in 5 months, as engineering exports (+7.7% YoY) ended a year-long slump, and cotton textiles (+26% YoY) grew almost as fast as the long-term stellar performer, electronics (26.3% YoY).