Canada recorded a trade surplus in March 2026, according to data released by Statistics Canada, as higher crude oil prices and a significant increase in gold exports helped reverse the previous month's deficit. The surplus came in at $1.2 billion, compared to a revised deficit of $0.8 billion in February.
Key Drivers of the Surplus
The improvement was largely attributed to a 12% jump in crude oil prices, which boosted the value of energy exports. Additionally, gold exports surged by 35% as global demand for the precious metal remained strong amid economic uncertainty. Exports of motor vehicles and parts also rose, contributing to the overall gain.
Import Trends
Imports edged up 0.5% in March, led by higher purchases of machinery, equipment, and consumer goods. However, the pace of import growth lagged behind exports, allowing the trade balance to swing into positive territory.
Economists noted that the trade surplus may be temporary, as global commodity prices remain volatile. The Bank of Canada has been monitoring trade data closely as it assesses the impact on inflation and economic growth.
The Canadian dollar strengthened slightly against the U.S. dollar following the report, trading at 78.5 cents US.
