Merchandise trade surplus rises to $2.7B as oil prices help boost exports

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% in April to reach a record $75.2 billion as exports of energy products rose 9.7%, offset by a 17.5% 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%.

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

“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% and imports from the U.S. gained 1.6%.

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% to $20.6 billion and imports of services rose 1.1 % 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.