Canada swings to trade surplus for first time in six months

Canada’s merchandise exports rose by 8.5 per cent while imports fell 1.6 per cent in March, resulting in a trade surplus of $1.8 billion, the first since September 2025.

The data, published by Statistics Canada on Tuesday, showed total exports rose to $72.8 billion in March, the highest level since January 2025.

The jump was driven primarily by exports of metallic and non-metallic mineral products, which increased by 24 per cent to a record $15.3 billion. Exports of precious metals (gold, silver, platinum) contributed the most to the monthly change in this category — up 37.7 per cent to $3 billion — driven by an increase in gold shipments to the United Kingdom. StatsCan noted that the growth in gold exports occurred as gold prices fell during the month.

Crude oil exports also contributed to the jump, growing by around 15.6 per cent to $17.1 billion in March — the highest level since September 2022 — due to a sudden increase in crude oil prices caused by the war in Iran.

Several other products also contributed to the overall increase in exports, including motor vehicles and parts, reflecting an increase in auto production in Canada.

Canada’s trade surplus with the United States also widened by 8.3 per cent to $7.1 billion in March — the highest level since September 2025 — due to higher exports of crude oil, passenger cars and light trucks.

Exports to countries other than the U.S. also rose by 9.1 per cent to $24.3 billion, setting a record high for a second consecutive month. The U.K. gold exports, as well as crude oil exports to Germany and the Netherlands, drove the increase.

Total imports fell by 1.6 per cent in March after reaching a record high in February, driven by a decrease of consumer goods and aircraft and other transportation equipment.

Consumer goods imports decreased by 3.9 per cent in March after a 14.4 per cent increase in February, with pharmaceutical products being the largest contributor to the monthly downturn.

Imports of aircraft and other transportation equipment dropped 12.8 per cent in March after rising by 13 per cent in February, due to a 64.4 per cent decline in aircraft imports — the sharpest decline on record.

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