Canada’s trade surplus widened in April as crude oil drove exports to a record high, while gold shipments declined sharply.
The country’s trade surplus reached C$2.72 billion ($2 billion), up from C$1.75 billion in March, Statistics Canada reported on Tuesday. That’s the second consecutive trade surplus and the largest the country has reported since January 2025.
Canada’s trade surplus with the US also reached its highest level since February 2025, before President Donald Trump first imposed tariffs.
Total exports in April increased by 1.6% to C$75.2 billion, driven by broad gains. Higher energy exports contributed the most to the growth, as an increase in prices pushed up crude oil exports by 7% in April.
The data were released at the same time as a report showing the US trade deficit narrowed · in April amid a rise in oil exports. The loonie strengthened about 0.2% to trade at C$1.3921 per US dollar as of 8:44 a.m. in Ottawa.
Canada’s increase in exports was offset by a 25.5% decline in unwrought gold, silver and platinum metals — driven by lower shipments of gold to the UK.
A sharp run-up in gold and energy prices has padded Canada’s trade balance in recent months, but prices for the precious metal declined in April as oil surged.
Excluding those two volatile categories, exports were up by 5.1%, Andrew Grantham, senior economist at Canadian Imperial Bank of Commerce, noted in a report to investors.
Canada’s exports in volume terms increased by 3% in April, marking the third straight monthly increase.
“The solid increase in export volumes is positive for monthly and quarterly GDP,” Grantham said, though he pointed out the 0.4% advance estimate for April gross domestic product will likely have already reflected that information.
Higher exports of crude oil as well as passenger cars and light trucks drove up exports to the US by 4.8%, widening the country’s trade surplus with its southern neighbor to C$9.5 billion, up from C$7.8 billion in March.
Overall exports of cars and trucks reached the highest level since March 2025, before US auto tariffs .
Meanwhile, Canada’s total imports increased by 0.3% to a record C$72.4 billion. Imports of basic and industrial chemical, plastic and rubber products contributed to the most to the increase in imports, as imports of lubricants and other petroleum refinery products increased by 49%.
Imports of computers and computer peripherals rose by 13.2% to reach a record high in April, driven by higher imports of processing units from Ireland for use in data centers.