Canada Exports Rebound in August

Canada’s goods exports rose 2.5% month-over-month to C$77.9 billion in August 2026, rebounding from a downwardly revised 2.6% decline in July. Gains were recorded in eight of 11 product sections. Energy exports increased 4.7%, marking the first rise since April. Refined petroleum exports posted the largest monthly gain at 17.4%, driven by higher diesel shipments to Peru, the UK, US and Netherlands. Crude oil exports rose 2.1% on higher prices, while nuclear fuel and other energy product exports jumped 58.4%, driven by increased shipments to Germany and the UK. Consumer goods exports rose 6.6%, led by a 43.3% increase in miscellaneous goods and supplies, partly due to higher shipments of gold and silver coins to the US. Industrial machinery, equipment and parts exports rose 10.1%, their highest level since January 2025, while electronic and electrical equipment and parts increased 11%.

Canadian goods exports fell 2.3% month-over-month to C$76.1 billion in July 2026, marking the lowest level since March and the first decline in six months. Decreases were recorded in 7 of the 11 product sections. Exports of metal and non-metallic mineral products fell 8.5% following a 15.8% increase in June, driven by a 13.1% drop in unwrought gold, silver and platinum group metals and their alloys. The decline reflected lower purchases of Canadian-held gold by foreign residents and fewer shipments to the US, while lower prices also weighed on export values. Energy product exports fell 4.4%, marking a third consecutive monthly decline, led by a 5.6% drop in crude oil exports as both prices and volumes decreased. Natural gas exports fell 14.0% after two consecutive monthly increases. Exports to the US declined 6.6%, the sharpest drop since April 2025, due mainly to lower crude oil and gold shipments. Meanwhile, exports to countries other than the US rose 7.4% to a record C$25.6 billion.

Canadian goods exports rose 0.4% month-over-month to a record CAD 77.5 billion in June 2026, marking a fifth consecutive monthly increase. Exports of metal and non-metallic mineral products jumped 16.5%, driven by a 27.9% surge in shipments of unwrought gold, silver, platinum group metals and their alloys, reflecting higher gold exports to the UK and stronger foreign demand. Exports of metal ores and non-metallic minerals also increased 7.3%, led by copper ores and concentrates (20%) and sulphur shipments. Meanwhile, exports of motor vehicles and parts rose 2.4% as higher domestic production lifted passenger car and light truck exports to their highest level since March 2025. These gains were largely offset by a 10% decline in energy product exports. Following a 4.6% increase in the first quarter, total exports advanced 13.1% in Q2, the strongest quarterly growth since the third quarter of 2020.