2026.07.0712:37:32UTC+00Canada Trade Surplus Unexpectedly Increases

Canada recorded a trade surplus of C$4.24 billion in May 2026, up from an upwardly revised surplus of C$3.41 billion in April and exceeding market expectations of C$2.9 billion. This marked the third consecutive month of a positive trade balance.

Exports increased by 0.9% to a record C$77.1 billion, posting a fourth straight monthly gain. Foreign sales of non-metallic minerals surged 37%, as the war in the Middle East disrupted global sulphur supplies and drove up prices for Canadian exports. Exports also rose sharply for aluminum and alloys (50.7%) and more broadly for consumer goods (3.9%), more than offsetting a 2% decline in energy product exports amid easing oil and gas prices.

Meanwhile, imports edged down 0.2% from the previous month’s record to C$72.9 billion. The decline was entirely attributable to a 33% drop in imports of gold, silver, and platinum group metals, which was sufficient to offset higher import volumes in other categories.