Merchandise trade surplus $2.7 billion in May as oil prices help boost exports

Crude oil tankers SFL Sabine, left, and Tarbet Spirit are seen docked at the Trans Mountain Westridge Marine Terminal, where crude oil from the expanded Trans Mountain Pipeline is loaded onto tankers, in Burnaby, B.C., on Monday, June 10, 2024. THE CANADIAN PRESS/Darryl Dyck

OTTAWA — Statistics Canada says the country’s merchandise trade surplus grew to $2.7 billion in April as higher oil prices helped boost exports to a record high.

The agency says the result was the largest surplus since January 2025 and compared with a surplus of $1.8 billion in March.

Total exports rose 1.6 per cent in April to reach a record $75.2 billion as exports of energy products rose 9.7 per cent, offset by a 17.5 per cent drop in metal and non-metallic mineral products.

Statistics Canada says that excluding energy products and the metal and non-metallic mineral group, exports rose 5.1 per cent

Total imports gained 0.3 per cent in April to reach a record of $72.4 billion as imports of basic and industrial chemical, plastic and rubber products rose 16.9 per cent.

In volume terms, exports rose 3.0 per cent, while imports edged up 0.4 per cent.

This report by The Canadian Press was first published June 9, 2026.