Canada Posts Larger-Than-Expected Trade Surplus

Canada reported a trade surplus of C$2.7 billion in April 2026, up from C$1.8 billion in the prior month and slightly surpassing market forecasts of a C$2.6 billion. This marked the second consecutive trade surplus, and the largest since January 2025. Exports rose 1.6% month-on-month to a fresh record of $75.2 billion, with gains in 9 of 11 product categories, led by energy products (+9.7%). Notable increases were also seen for farm, fishing and intermediate food products (+8.9%) and motor vehicles and parts (+5.9%), partly offset by a 17.5% decline in metal and non-metallic mineral product exports. Meanwhile, imports edged up 0.3% to a new peak of $72.4 billion, mainly on account of basic and industrial chemical, plastic, and rubber products (16.9%); and electronic and electrical equipment and parts (4.2%).The country's trade surplus with the United States widened to C$9.5 billion in April, the largest surplus since February 2025, from C$7.8 billion in March

Canada posted a trade surplus of C$1.8 billion in March 2026 compared to the downwardly revised C$5.1 billion in February and better than the expected C$2.9 billion shortfall. This marked the first trade surplus since September 2025 and the largest since January that year. Exports climbed 8.5% to an over one-year high of C$72.8 billion, boosted by a 24% surge in shipments of metal and non-metallic mineral products and a 15.6% rise in energy products, with crude oil exports jumping 18.9% on higher prices. Conversely, imports fell 1.6% to C$71 billion, following February's record high, with declines observed in 8 of the 11 product sections. Purchases of aircraft and transport equipment dropped 12.8%, while consumer goods fell 3.9%, led by pharmaceuticals (-9.3%), clothing and footwear (-4.2%), food products (-4.1%), and meat (-9.3%). The trade surplus with the United States widened to $7.1 billion in March, its highest level since September 2025, from $2.9 billion observed in February.

Canada’s trade deficit rose to C$5.7 billion in February 2026 from the upwardly revised C$4.2 billion in January and worse than the expected C$2.3 billion shortfall. This marked the widest trade gap since August 2025, as total imports surged 8.4% to a record high of C$72.1 billion, led by a 45.6% jump in purchases of metal and non-metallic mineral products, particularly gold in the United States. Imports also increased markedly for energy products (20.1%); metal ores and non-metallic minerals (17.6%); and basic and industrial chemical, plastic and rubber products (8.2%). Exports rose 6.4% to C$66.3 billion, the highest since March 2025, mainly on the back of shipments of motor vehicles and parts (24.2%); unwrought gold, silver, and platinum group metals, and their alloys (14.2%) and fishing and intermediate food products (10.5%). Canada’s trade surplus with the US shrank to C$1.7B, the lowest since May 2020, from C$4.9 billion in January, as imports surged 13.6% and exports rose 4.4%.