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Canada Posts C$1.8B March Surplus on Gold, Oil Surge

5/6/2026

Summary

Canada Export Surge

Canada posted a C$1.8 billion trade surplus in March 2026, first since September 2025, thanks to gold and oil exports.
Exports rose 8.5% to highest level since January 2025, with metal exports up 24% to C$15.3 billion.
Crude-oil shipments jumped 18.9%, raising energy exports 15.6%, while gold, silver and platinum shipments surged to the United Kingdom.
Motor-vehicle and parts exports rose 4.5% in March after a 24.9% February gain, led by cars and light trucks.

Summary

Trump Tariffs Canada

President Donald Trump imposed tariffs on Canadian goods to cut the U.S. trade deficit.
The Canadian dollar edged up 0.03 percent to 1.3620 after March trade data.
Money-market participants expect two 25-basis-point Bank of Canada cuts before year-end.
Analysts say the tariff environment and modest currency gain may shape Canada’s trade policy as exports to non-U.S. markets rose 9.1 percent in March, narrowing the trade gap.

Summary

Canada Trade Surge

U.S. and Israeli strikes on Iran stopped Strait of Hormuz tanker traffic, lifting oil prices and prompting a trade surplus in March.
RBC assistant chief economist Nathan Janzen said oil and gold shipments improved the balance, but U.S. tariffs keep demand weak.
Statistics Canada recorded a $100-million services-trade deficit in March as imports rose 1.7 %.
Canada’s total trade surplus hit $1.7 billion in March, up from a $5-billion deficit in February.

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Canada Export Surge

Canada posted a C$1.8 billion trade surplus in March 2026, first since September 2025, thanks to gold and oil exports.
Exports rose 8.5% to highest level since January 2025, with metal exports up 24% to C$15.3 billion.
Crude-oil shipments jumped 18.9%, raising energy exports 15.6%, while gold, silver and platinum shipments surged to the United Kingdom.
Motor-vehicle and parts exports rose 4.5% in March after a 24.9% February gain, led by cars and light trucks.

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