Canada Posts First Trade Surplus in Six Months, Led by Gold and Oil

Canada recorded its first trade surplus since September 2025, driven by a surge in gold and crude oil exports, Statistics Canada reported Tuesday.

Exports rose 8.5% in March to $72.8 billion-the highest since January 2025-while imports fell 1.6%. The shift moved Canada from a $5.1 billion deficit in February to a $1.8 billion surplus.

Exports to the U.S. rose 8.3%, reaching their highest level since March 2025, led by crude oil, passenger vehicles, and light trucks. However, non-U.S. markets saw even sharper gains: exports to countries other than the U.S. rose 9.1% to a record $24.3 billion, led by gold to the United Kingdom and crude oil to Germany and the Netherlands.

The gains were largely price-driven. Gold exports jumped 37.7%, while energy exports rose 15.6% to $17.1 billion. The value of crude oil exports increased 18.9%, boosted by higher prices amid the closure of the Strait of Hormuz due to the Iran war.

Imports fell 1.6%, led by declines in pharmaceuticals, clothing, and food products.

Canadian Chamber of Commerce economist Jasleen Kaur Trehan warned the surplus was largely a “price-driven story” tied to the Iran war. “This is still very much a price-driven story stemming in no small part from the war in Iran,” Trehan said. “While March looks strong, the broader picture is still uneven.”