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OTTAWA — A surge in crude oil exports helped push Canada’s merchandise trade balance into surplus in March, as rising energy prices drove a sharp increase in overall exports.
Statistics Canada says total exports rose 8.5 per cent to $72.8 billion, the highest level since January 2025, while imports fell 1.6 per cent. The shift moved Canada’s trade balance from a $5.1-billion deficit in February to a $1.8-billion surplus in March — the first surplus since September 2025.
Exports of energy products climbed 15.6 per cent to $17.1 billion, with crude oil exports rising 18.9 per cent, largely due to higher prices amid uncertainty tied to the conflict in Iran.
The gains in oil were a key driver of export growth, alongside strong performance in metals and minerals, particularly gold, which saw record exports during the month.
Exports to the United States rose 8.3 per cent, reaching their highest level in a year, while imports from the U.S. declined 1.2 per cent. The result was a widening trade surplus with Canada’s largest trading partner to $7.1 billion.
Exports to countries outside the United States also reached a record high, increasing 9.1 per cent, with higher shipments to Europe driven in part by crude oil sales to Germany and the Netherlands.
Despite the monthly surplus, the broader trend remains mixed. For the first quarter of 2026, Canada posted a merchandise trade deficit of $6.5 billion, wider than the previous quarter, as import growth outpaced exports.
Economists note that much of March’s export growth was driven by price increases rather than higher volumes, reflecting ongoing volatility in global commodity markets.
The data comes amid continued uncertainty in global energy markets, with geopolitical tensions influencing oil prices and trade flows.
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