Metals and Weaker Loonie Lift Canada’s Trade Surplus to Four-Year High
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Canada recorded a C$3.86 billion merchandise trade surplus in June 2026, its highest level since May 2022 and above economists’ expectations of approximately C$3 billion.
According to Statistics Canada, the country posted a surplus for the fourth consecutive month. May’s figure was revised down to C$3.70 billion from the initially reported C$4.24 billion.
Exports increased by 0.4%, while imports edged up by 0.2%. The weaker Canadian dollar contributed to the increase by raising the value of transactions converted from U.S. dollars into Canadian currency.
However, the headline figures do not represent an across-the-board expansion in trade. Measured in U.S. dollars, exports fell by 2% and imports declined by 2.1% during June, according to Reuters.
Metal and non-metallic mineral products led the export growth, rising 16.5%. That increase was partly offset by a 10% decline in energy exports as prices weakened. Imports were supported by increased purchases of processing units used in data centres.
In volume terms, exports rose by 1.1%, while imports fell by 1.5%, potentially providing support for Canadian economic growth following a period of limited expansion.
Despite Ottawa’s efforts to diversify trade, the United States remained Canada’s main export market, receiving 69.5% of Canadian shipments in June. Canada’s trade surplus with the U.S. narrowed to C$9.98 billion from C$11.12 billion as imports grew faster than exports.
The report points to an improving trade balance, but the effect of the weaker loonie and volatile movements in gold, energy, vehicles and technology equipment means the results should not yet be treated as evidence of a sustained export boom.
