Canada's Trade Surplus Hits 15-Month High on Soaring Crude Prices

Canada's goods trade surplus reached a 15-month high in April due to soaring crude oil prices, which rose amid uncertainty caused by the Iran conflict. According to Statistics Canada, the surplus increased by 55% to C$2.72 billion ($1.95 billion), exceeding analysts' forecasts of C$2.57 billion.

Total exports hit a record high of C$75.16 billion in April, with energy product exports rising 9.7%. Crude oil exports contributed significantly to the gain, increasing by 7.0%.

While exports to countries other than the US fell 4.8%, higher exports to China helped offset this decline, reaching a record $3.84 billion. The Canadian surplus with the US rose to C$9.48 billion, the largest since February 2025.