Canada posted its first trade surplus in almost two years in August, the government statistical agency said Friday, beating economists' expectations.

The 526-million-Canadian-dollar (407-million-US-dollar) surplus followed a deficit in July of 189 million Canadian dollars, as falling imports outpaced a drop in exports.

Combined with positive employment figures released earlier, CIBC Economics analyst Royce Mendes predicted a boost in the Canadian dollar, but added the data "likely overstate the positives for the economy."

Exports in August, according to Statistics Canada, fell by 1.1 percent to 50.5 billion Canadian dollars, mostly on lower sales of passenger cars and trucks to the US that coincided with "atypical shutdowns" in the industry.

The agency also noted lower exports of unwrought gold and crude oil to Britain, while exports of copper ores and concentrates were up mostly due to shipments to Japan, South Korea and India, which also bought more potash from Canada.

Imports, meanwhile, declined by 2.5 percent to 50 billion Canadian dollars in August.

Aircraft and other transportation equipment and parts imports fell for a third consecutive month from a record high in May.

There were no imports of commercial airliners in the month, Statistics Canada said, but the year-to-date value of imports of aircraft engines and parts remains at a record high.

Imports of motor vehicles engines and parts, and consumer goods – notably pharmaceutical and medicinal products, miscellaneous goods and supplies and furniture and fixtures – fell in August.

Canada imported less overall from China, as well as less bauxite from Brazil, fewer pharmaceutical and medicinal products from Belgium, less crude oil from Algeria and less gasoline from the Netherlands.

These declines were partially offset by higher imports of copper from Switzerland.

Canadian trade with the US decreased in the month, but its trade surplus with its neighbor remained "essentially unchanged" from July and August at 5.3 billion Canadian dollars, the largest in a decade.

Exports of steel to the United States rose a second month in a row after the US slapped 25 percent tariffs on steel, but aluminum exports subject to a 10-percent US tariff fell for a third consecutive month.

Imports of US steel and aluminum subject to Canadian retaliatory tariffs were down and up, respectively.