July 17, 2026

Canada's merchandise trade surplus increased to $4.2 billion in May

Statistics Canada announced that Canada's merchandise exports increased 0.9% in May, while imports edged down 0.2%. As a result, Canada's merchandise trade surplus with the world widened from $3.4 billion in April to $4.2 billion in May. This was the third consecutive month with a trade surplus for Canada.

The Federal Agency notes that total May exports reached a record $77.1 billion. This represented a fourth consecutive monthly increase, with exports rising 22.2% over this period. In May, increases were observed in 7 of the 11 product sections. Excluding energy products, exports rose 2.0%.

As for the 2% drop in imports, the decrease occurred despite increases in 9 of the 11 product sections. Lower imports of metal and non-metallic mineral products more than offset these gains. Excluding this product section, imports rose 1.9% in May.

Exports to the United States rose 1.5% in May, a fourth consecutive monthly increase. Meanwhile, imports from the United States fell 1.4% in May. As a result, Canada's trade surplus with the United States widened from $10.3 billion in April to $11.6 billion in May. This was the largest surplus since the record high observed in January 2025.

Following a 4.0% decrease in April, exports to countries other than the United States edged down 0.3% in May. Lower exports of unwrought gold to the United Kingdom contributed significantly to the decline. This decrease was partially offset by higher exports to the Netherlands (aluminum and nuclear fuel) and Switzerland (unwrought gold).

Meanwhile, imports from countries other than the United States rose 1.5% in May. Imports from South Korea (passenger cars and light trucks) and China (various products) contributed the most to the increase.

Canada's trade deficit with countries other than the United States widened from $6.9 billion in April to $7.4 billion in May.