Canada's merchandise exports surged by 8.5 percent in March, while imports declined by 1.6 percent, resulting in a trade surplus of $1.8 billion—the first since September 2025. This marks a significant turnaround for the country's trade balance.
Exports Rebound Driven by Gold and Oil
The jump in exports was primarily fueled by gold and crude oil shipments. According to Statistics Canada, total exports rose to $72.8 billion in March, the highest level since January 2025. Metallic and non-metallic mineral products led the surge, with a 24 percent increase to a record $15.3 billion. Precious metals, including gold, silver, and platinum, contributed most to this gain, driven by increased gold shipments to the United Kingdom. Interestingly, gold exports rose despite a decline in gold prices during the month.
Crude Oil Exports at Highest Since 2022
Crude oil exports also played a key role, growing by approximately 15.6 percent to $17.1 billion in March—the highest level since September 2022. This increase was attributed to a sudden spike in crude oil prices triggered by the conflict in Iran.
Imports Decline
On the import side, total imports fell by 1.6 percent in March, contributing to the surplus. The data underscores a strengthening export sector amid global economic uncertainties.
The figures were released by Statistics Canada on Tuesday, providing a positive sign for the Canadian economy after several months of trade deficits.
