Canada Exports Reach Fresh Record High

Canada’s goods exports edged up 0.2% to C$78.55 billion in September 2026, following a revised 3.2% increase in August. Although reaching a record high, the reading fell short of market expectations of C$81 billion. Growth was supported by energy exports (8.2%) which rose for a second consecutive month, led by crude oil and bitumen (10.2%) and natural gas (32.1%), while refined petroleum exports fell 13.9%. Metal and non-metallic mineral exports also increased 8.6%, driven by a 16.8% rise in unwrought gold, silver and platinum group metals and their alloys, reflecting stronger US demand for Canadian-held gold. However, declines across several categories limited overall growth, including consumer goods (-7.1%), electronic equipment (-13.9%), industrial machinery (-9.0%), motor vehicles and parts (-4.9%), and forestry products and building materials (-9.8%). Several products in these categories were targeted by new US tariffs and had recorded significant gains 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 and marking the second highest level on record. 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.