Canada posted a trade surplus for the second consecutive month in April, driven primarily by higher prices for oil and energy.
The $2.7 billion surplus was the largest since January 2025 and followed a $1.8 billion trade surplus in March — the first trade surplus since September 2025 — and a $5.1 billion trade deficit in February.
The data, published by Statistics Canada on Tuesday, showed total exports rose 1.6 per cent to reach a record high of $75.2 billion in April.
In real or volume terms, total exports were up three per cent, the third consecutive monthly increase.
The increase was driven by energy exports, which increased by 9.7 per cent following a 23.4 per cent increase in March, mainly due to rising prices caused by the war in Iran. Crude oil contributed most to this category, along with exports of refined petroleum energy products.
Exports of farm, fishing and agriculture products also increased by 8.9 per cent in April, their highest levels since January 2025. Exports of wheat increased the most partly due to higher shipments to China. Intermediate food products also contributed to the movement because of higher exports of crude canola oil to the United States.
Several other products also contributed to the overall increase in exports, including passenger cars and light trucks, which StatCan said is associated with a rise in auto production in Canada.
But that overall increase was largely offset by a 17.5 per cent decrease in exports of metal and non-metallic mineral products in April. Gold, silver and platinum exports contributed the most to this movement — posting a 25.5 per cent decrease following sharp increases in February and March — mainly driven by lower shipments of gold to the United Kingdom.
Total imports also edged up by 0.3 per cent in April to reach a record of $72.4 billion, after the economy posted a 1.6 per cent decrease in March. Imports of industrial chemical, plastic and rubber products contributed most to the gain in April, as well as electronic and electrical equipment and parts.
Those gains were offset by a 12.9 per cent decline in imports of metal and non-metallic mineral products, mainly driven by gold, silver and platinum imports. The decrease was attributed to a drop in gold prices and lower purchases of gold, according to StatCan.
Canada’s trade surplus with the U.S. also widened by 4.8 per cent to $9.5 billion in April, due to higher exports of crude oil, passenger cars and light trucks.
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