Canada's trade surplus widened to $4.2 billion in May 2026, the largest since May 2022, according to data published by Statistics Canada on Tuesday. This marks the fourth consecutive monthly surplus, following $3.4 billion in April and $1.8 billion in March.
Record exports drive surplus
Total exports rose by 0.9% to a record $77.1 billion in May. The increase was primarily driven by a 16.1% jump in exports of metal ores and non-metallic mineral products. Within this category, sulphur exports surged 37% due to higher fertilizer prices amid disruptions from the closure of the Strait of Hormuz, which slowed global sulphur shipments. Gold ore exports more than doubled, largely due to increased shipments to China.
Exports of metal and non-metallic products also rose 1.5% in May, despite a decline in gold exports. A 50.7% increase in aluminum exports, particularly to the Netherlands, Greece, and Italy, helped drive that gain.
Energy exports decline
The overall increase in exports was partially offset by a 2% decrease in energy products, following a 43.1% surge from February to April driven by crude oil. Statistics Canada officials said lower crude oil exports—down 5.4% in May—contributed the most to the decline, due to lower volumes. Higher exports of nuclear fuel, natural gas, and refined petroleum energy products moderated the overall decline.
By volume, total exports were unchanged after a 3% increase in April.
Imports edge down
Total imports edged down 0.2% in May after reaching a record high in April, mainly due to lower imports of metal and non-metallic products, especially gold. Excluding that category, imports rose 1.9%. In volume terms, total imports were up 0.4%.
Trade with the United States and other markets
Canada's trade surplus with the United States widened from $10.3 billion in April to $11.6 billion in May, the largest since January 2025. However, exports to non-U.S. markets fell for a second consecutive month, edging down 0.3% in May after a 4% decrease in April. Lower exports of gold to the United Kingdom contributed significantly to the decline.
Imports from non-U.S. markets rose 1.5% in May, driven by increased shipments of passenger cars and light trucks from South Korea and various products from China, according to Statistics Canada.
