Canada Trade Surplus Rises to 4-Year High

Canada recorded a trade surplus of C$4.2 billion in August of 2026, widening from the upwardly revised C$0.79 billion in the earlier month to mark the largest trade surplus since May of 2022 and the second-largest since August 2008, despite the appreciation of the Canadian dollar against the greenback. Exports jumped by 2.5% from the previous month to C$77.9 billion as the increase in energy prices due to the war in the Middle East drove energy product sales to surge 4.7%. Exports of consumer goods rose 6.6% and those of industrial machinery and equipment rose 10.1%. Exports to the US surged 8.1% as US consumers likely front-loaded purchases of Canadian goods before a series of tariffs took effect later in the month. Meanwhile, imports fell by 2.0% to C$73.7 billion. Purchases were lower for motor vehicles and parts (-8.8%) and metal and non-metallic mineral products (-7.0%), mainly due to a plunge in unwrought gold, silver, and platinum group metals (-40.0%).

Canada recorded a trade surplus of C$770 million in July of 2026, narrowing sharply from the C$4.2 billion in June, marking the first slowdown in four months and well below market expectations of a C$3.6 billion surplus. Imports rose 2.2% to C$75.4 billion, driven by higher purchases of motor vehicles and parts (11.4%), passanger cars and light trucks (19.8%), non-ferrous metals and non-ferrous metal alloys (49.7%), particularly copper anodes from Chile, and higher purchases of gold from US residents in Canada. Exports declined 2.3% to C$76.1 billion, driven by lower shipments of metal and non-metallic mineral products (-8.5%) and energy products (-4.4%), reflecting a shortfall of crude oil (-5.6%) and natural gas (-14%). The decline was partially offset by higher shipments of aircraft and other transportation equipment and parts (34.9%). Meanwhile, exports to the US fell by 6.6%, the sharpest decline since April 2025, while increasing for the Netherlands, China and Germany.

Canada recorded a trade surplus of C$3.86 billion in June of 2026, widening from the C$3.7 billion in May to mark the largest surplus in over four years. Exports rose by 0.4% from the previous month to a record high of C$77.5 billion. Sales rose sharply for metal and non-metallic products (16.5% to C$15.02 billion) amid a 27.9% surge in sales of gold, mostly to the UK. Sales of metal ores and non-metallic minerals rose by 17.3% to C$3.14 billion with support from copper ores. These offset the 10% plunge in energy products (to C$18.37 billion) as the momentary respite in the Middle East war had lowered energy prices. Meanwhile, imports rose by 0.2% to a record of C$73.6 billion with drops in industrial machinery, equipment, and parts (-3.3% to C$7.6 billion) and metal ores and non-metallic minerals (-3.4% to C$2.81 billion). The depreciation of the Canadian dollar in the period lifted trade turnover expressed in the loonie, contributing to the rise in both imports and exports.