Canadian Exports Rise to Record High

Canadian goods exports rose 0.9% month-over-month to a record C$77.1 billion in May 2026, marking a fourth consecutive monthly increase. Exports of metal ores and non-metallic minerals surged 16.1%, led by a 37.0% jump in diamonds and other non-metallic minerals, mainly due to higher sulphur shipments. Exports of other metal ores and concentrates more than doubled on new gold ore shipments to China. Exports of metal and non-metallic mineral products rose 1.5%, supported by a 50.7% increase in unwrought aluminum and aluminum alloys. Consumer goods (3.9%), chemicals, plastics and rubber (5.6%), and farm and food products (2.4%) also posted solid gains. The increase was partly offset by a 2.0% decline in energy exports, driven by a 5.4% drop in crude oil shipments.

Exports of Canadian goods surged by 1.6% from the previous month to C$75.2 billion in April of 2026, the highest on record. The increase was owed to a fresh jump in energy exports (9.7% to C$19.9 billion), as the war in the Middle East continued to prevent energy trade from the region and lifted prices for Canadian oil and natural gas, triggering a surge in their turnover. Exports also increased for farm, fishing, and intermediate food products (8.9% to C$5.3 billion) and aircraft and transportation equipment (13.8% to C$3.1 billion). Meanwhile, exports slumped for metal and non-metallic mineral products (-17.5% to $12.5 billion) despite remaining at historically elevated levels, as the surge in exports of gold, silver, and platinum to the UK in the previous months were unwound. Exports to the US rose for a third month, contributing to their largest surplus in 14 months, despite tariffs by the US President.

Canada’s exports rose 8.5% month-on-month to C$72.8 billion in March 2026, the highest level since January 2025. Amid uncertainty over the economic fallout from the Iran conflict, some sectors saw sharp gains. Exports of metal and non-metallic mineral products and energy led the increase. Non-metallic mineral product exports surged 24.0% to a record C$15.3 billion, driven largely by unwrought gold, silver, and platinum group metals. Energy exports rose 15.6% to C$17.1 billion, the highest since September 2022, supported by an 18.9% jump in crude oil exports due to higher prices. Excluding these categories, export growth was more modest, rising 1.1% in March.