Canada recorded a trade surplus of C$5.4 billion in September 2026, the largest since May 2022 and up from a revised C$5.0 billion in August. The result exceeded market expectations for a C$4.1 billion surplus.
Exports edged up 0.2% month over month to a record C$78.6 billion, led by strong gains in metal and non-metallic mineral products (+8.6%)—driven primarily by higher shipments of unwrought gold to the US—and in energy products (+8.2%), supported by higher prices for crude oil, bitumen and natural gas. Excluding these two categories, exports declined 5.6% in September, reflecting the impact of new US tariffs.
Imports slipped 0.3% to C$73.2 billion, as lower purchases of motor vehicles and parts (-9.1%) and consumer goods (-2.9%) were partly offset by a 10.3% increase in electronic and electrical equipment and parts.
For the third quarter as a whole, Canada’s merchandise trade surplus was essentially unchanged at C$11.2 billion, with both exports and imports rising 0.2%.
