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

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

The agency said 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 said that excluding energy products and the metal and non-metallic mineral group, exports rose 5.1 per cent.

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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 three per cent, while imports edged up 0.4 per cent.

CIBC senior economist Andrew Grantham said recent trade data suggest Canadian exports have largely recovered back to pre-2025 levels, albeit still with some weakness in sectors hit hardest by U.S. tariffs.

“However, with tariff uncertainty remaining as CUSMA renegotiations drag on, further upward momentum will likely be limited in the near-term,” Grantham wrote in a note to clients.

“While net trade will likely be a solid contributor to Q2 GDP, that may not continue into the second half of the year if trade uncertainty persists.”

Canada-U.S. Trade Minister Dominic LeBlanc was in Washington last week ahead of a review of the continental trade pact and met with U.S. Trade Representative Jamieson Greer.

LeBlanc, who is pushing for a 16-year renewal of the trade agreement, said he presented specific proposals and talked about issues the U.S. has raised.

Canada’s merchandise trade surplus with the U.S. in April was $9.5 billion, up from $7.8 billion in March, as exports to the U.S. rose 4.8 per cent and imports from the U.S. gained 1.6 per cent.

The result came as the country’s trade deficit with countries other than the U.S. was $6.8 billion in April, compared with $6 billion in March.

In a separate report, Statistics Canada said the country’s monthly international trade in services surplus was $100 million in April compared with $500 million in March as exports of services fell 0.9 per cent to $20.6 billion and imports of services rose 1.1 per cent to $20.5 billion.

When international trade in goods and services are combined, Canada’s total trade surplus with the world was $2.8 billion in April compared with $2.3 billion in March.

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