Canada Trade Surplus Unexpectedly Increases

Canada posted a trade surplus of C$4.24 billion in May of 2026, picking up from an upwardly revised C$3.41 billion surplus in the previous month and above market expectations of a C$2.9 billion to mark a third consecutive positive balance of trade. Exports rose by 0.9% to a record high of $77.1 billion, a fourth consecutive increase. Foreign sales surged 37% for non-metallic minerals as the war in the Middle East triggered a global supply crunch of sulphur and lifted prices for Canadian sales. Exports were also higher for aluminum and alloys (50.7%) and broader consumer goods (3.9%), offsetting a 2% decline in energy products as oil and gas prices eased. In the meantime, imports fell by 0.2% from the record high last month to $72.9 billion. The drop was solely due to a 33% slide in gold, silver, and platinum group metals. These were enough to offset higher foreign purchases elsewhere.

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.