Canada’s good trade surplus in April ’26 surged by 55% to a 15-month high of USD 1.95 (CAD 2.72) billion, in part because the Iran war pushed up the price of crude, Statistics Canada said on Tuesday, 9 June ’26.
Analysts polled by Reuters had forecast a surplus of USD 1.83 (CAD 2.57) billion. StatsCan revised March’s surplus down to USD 1.25 (CAD 1.75) billion from an initial USD 1.27 (CAD 1.78) billion.
Total exports increased 1.6% in April to reach a record high of USD 53.37 (CAD 75.16) billion. Exports of energy products rose 9.7% in April. This was following an increase of 23.4% during March.
Statscan said in a commentary that both monthly increases were driven by higher prices. Crude oil prices continued to rise during April amid the uncertainty caused by the Iranian conflict.
Crude exports rose by 7.0% and contributed the most to the gain. Canada is one of the world’s leading crude oil producers.
A 17.5% decrease in metal exports, excluding non-metallic mineral products, offsets the overall increase in total exports. These exports had boomed in both February and March 2026. Reduced shipments of gold to Britain were largely responsible for the decline.
Chief economist of Export Development Canada, Stuart Bergman, said that April witnessed a bit of a tug of war between gold & energy. 1.6% growth, given everything that’s happening in the world. It’s certainly something Canadians can be satisfied with.
Bergman added during a phone interview that May ’26 data was expected to reflect sustained energy export growth, given continued global supply shortages.
Imports edged up 0.3% to hit a record USD 51.43 (CAD 72.44) billion. This was largely due to a 16.9% increase in imports besides industrial, chemical, and plastic as well as rubber products.
Analysts said that strong data should ensure positive April GDP data. This development comes in the wake of two consecutive quarters of negative growth.
Senior North American economist at Capital Economics, Ariane Curtis, said that the improvement in Canada’s terms of trade since the Iran war suggests that the trade surplus may rise further during the coming months.
Ottawa is attempting to diversify its exports away from the United States due to the ongoing trade war between the two countries. However, the market still dominates Canadian trade.
Exports to the United States grew by 4.8% to USD 36.91 (CAD 51.98) billion. This represents 69.2% of all trade. This was the largest share recorded in the last 9 months, since September 2025.
Imports grew 1.6% to USD 30.18 (CAD 42.5) billion. Due to these factors, the Canadian surplus with the U.S. rose to USD 6.73 (CAD 9.48) billion. It’s the largest in the last 16 months since February ’25.
After reaching a record high during March ’26, exports to other countries, excluding the U.S., declined 4.8% in April ’26. This was partially offset by higher exports to China, which reached a record USD 2.73 (CAD 3.84) billion.
