Canada's economy posted a trade surplus for the second consecutive month in April, reaching $2.7 billion, the largest since January 2025. This follows a revised surplus of $1.8 billion in March, which ended a streak of deficits since September 2025.
Record Exports Driven by Energy
Statistics Canada reported that total exports rose 1.6 percent to a record high of $75.2 billion in April. In real or volume terms, exports increased by 3 percent, marking the third consecutive monthly gain.
The surge was primarily fueled by energy exports, which climbed 9.7 percent after a 23.4 percent jump in March. Rising prices due to the conflict in Iran boosted crude oil exports, along with refined petroleum products.
Other Export Gains
Exports of farm, fishing, and agricultural products rose 8.9 percent in April, reaching their highest level since January 2025. Wheat exports increased significantly, partly due to higher shipments to China. Intermediate food products also contributed, driven by higher exports of crude canola oil to the United States.
Passenger cars and light trucks saw increased exports, linked to a rise in auto production in Canada.
Offsetting Declines
The overall export increase was partly offset by a 17.5 percent decline in metal and non-metallic mineral products. Gold, silver, and platinum exports fell 25.5 percent after sharp increases in February and March, mainly due to lower shipments of gold to the United Kingdom.
Import Trends
Total imports edged up 0.3 percent in April to a record $72.4 billion, following a 1.6 percent decline in March. Imports of industrial chemicals, plastics, and rubber products, as well as electronic and electrical equipment, contributed to the gain.
However, imports of metal and non-metallic mineral products fell 12.9 percent, driven by a drop in gold prices and lower purchases of gold, according to Statistics Canada.
Trade Surplus with the U.S.
Canada's trade surplus with the United States widened by 4.8 percent to $9.5 billion in April, reflecting higher exports of crude oil, passenger cars, and light trucks.
