Canada posted a $2.7 billion trade surplus in April 2025, its strongest since January, reversing a $5.1 billion deficit recorded in February.. The swing was driven largely by a 9.7% rise in energy exports, especilly crude oil, and an 8.9% jump in farm and fish shipments.

Energy exports jump 9.7% in April 2025

Statistics Canada reported that energy shipments rose 9.7% in April,following a 23.4% surge in March , as higher crude oil prices were linked to the conflict in Iran.. The increase in real‑terms export volume, up 3% for the month, marks the third consecutive rise and underpins the overall surplus.

Agriculture shipments to China lift farm exports 8.9%

Farm and fish exports climbed 8.9% to their highest level since early 2025,propelled by wheat sales to China and a boost in canola oil shipments to the United States. Analysts note that these agricultural gains helped offset weaker performance in other sectors.

Imports slip 0.3% but metals plunge 12.9%

Overall imports edged up only 0.3% to a record $72.4 billion, with modest gains in chemicals, plastics and electronics. however, imports of metal and non‑metallic mineral products fell sharply by 12.9% as purchases of gold, silver and platinum dropped alongside falling precious‑metal prices.

Trade surplus with U.S. widens to $9.5 billion

The bilateral surplus with the United States expanded by 4.8% to $9.5 billion, reflecting higher crude oil and motor‑vehicle exports to Canada’s largest trading partner. Economists caution that lingering U.S. tariff pressures could limit future growth in this segment.

Will CUSMA renegotiations curb export momentum?

Uncertainty over the upcoming CUSMA renegotiations remains a key risk, with analysts warning that policy ambiguity could dampen the export rebound once the current price‑driven surge fades.