Canada recorded a $1.78 billion trade surplus in March, a significant shift from the $5.11 billion deficit in the previous month, driven by higher crude oil prices due to the war in Iran and increased gold exports. Total exports rose 8.5 percent to $72.8 billion.
Canada posts trade surplus in March thanks to higher crude prices, surging gold exports | CBC News Loaded Canada had a $1.78 billion trade surplus in March, compared with a $5.11 billion deficit in the prior month.
It was the first time in six months that the country exported more than it imported, thanks in large part to higher oil prices because of the war in Iran. Posted: May 05, 2026 9:20 AM EDT | Last Updated: 1 hour agoThe audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.
Shipping containers are stacked at a logistics yard in Montreal on April 15. Higher crude oil prices and more demand for gold drove a jump in exports in the month of March, according to StatsCan. Canada's merchandise trade balance swung to a surplus in March as higher crude oil prices and surging demand for gold drove a sharp jump in exports while imports declined, data showed on Tuesday.
Statistics Canada said the country posted a $1.78 billion surplus in March, compared with a $5.11 billion deficit in the prior month. It was the first time in six months that Canada posted a surplus as the war in Iran boosted crude oil prices, lifting the value of exports from Canada. While gold prices fell in March, global demand for the precious metal helped boost exports further.
Total exports rose 8.5 per cent to $72.8 billion, aided by a 24 per cent increase in metal and non-metallic product export category to a record high and 15.6 per cent increase in energy exports, which scaled its highest level since September 2022, StatsCan said. Barring these two categories, Canada's exports posted a modest 1.1 per cent increase in value terms and slipped 0.3 per cent in volume terms.
Following a 24.9 per cent increase in February, exports of motor vehicles and parts rose 4.5 per cent in March, the statistics agency said. Higher crude oil prices and increased shipments of passenger cars and light trucks drove Canada's exports to the U.S. by 8.3 per cent to $48.51 billion in March, its highest level in a year. Imports from the U.S. dropped by 1.2 per cent to $41.44 billion.
Canada's trade surplus with the U.S. reached its highest in six months at $7.1 billion and its share of exports to the U.S. dropped to 66.7 per cent — its lowest ever. That comes amid the ongoing trade war with the U.S., as President Donald Trump has slapped a range of tariffs on Canada in an attempt to try and shrink his country's trade deficit with its neighbour.
Canada's exports to countries other than the U.S. hit yet another record high in March. Exports to non-U.S. countries rose 9.1 per cent in March while imports from countries other than the United States fell 2.2 per cent in March, data showed. The Canadian dollar rose 0.03 per cent to 1.3620 after the trade data. Money markets are pricing in two 25 basis point rate cuts by the Bank of Canada by the end of the year.
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