Canada recorded its first trade surplus since September 2025, led largely by exports of gold and crude oil to overseas markets, Statistics Canada said on Tuesday.
Canada’s exports rose 8.5 per cent in March, while imports fell 1.6 per cent. This means Canada’s balance of trade with the world went from a deficit of $5.1 billion in February to a surplus of $1.8 billion in March, marking the first time Canada recorded a surplus in six months.
Canada exported goods worth $72.8 billion in March, the highest level since January 2025. In part, Canada’s export growth was boosted by the war in Iran and global trade uncertainty. Exports of Canadian metals, non-metal minerals and energy products rose sharply, led largely by gold and crude oil exports, data showed.
Canada’s exports to the United States rose sharply by 8.3 per cent, reaching their highest level since March 2025, while imports from the U.S. decreased 1.2 per cent. Exports of crude oil, passenger vehicles and light trucks drove the increase in exports to the U.S.
But it was in the non-U.S. markets that Canada saw the highest growth in exports.
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Canada’s exports to countries other than the U.S. rose 9.1 per cent to $24.3 billion in March, following a 10.2 per cent increase in February. For the second month in a row, exports to non-U.S. countries saw a record high.
This was led largely by gold exports to the United Kingdom and crude oil exports to Germany and the Netherlands.
Exports of unwrought gold, silver and platinum group metals, and their alloys saw an increase of $3 billion, or 37.7 per cent, while energy exports rose 15.6 per cent to $17.1 billion in March.
The value of Canadian crude oil exports rose 18.9 per cent, largely due to a sudden increase in prices owing to the closure of the Strait of Hormuz amid the Iran war, Statistics Canada said.
Imports, meanwhile, declined 1.6 per cent in March. Canada saw the import of consumer goods go down by 3.96 per cent in March, led largely by declining pharmaceutical imports, which fell by 9.3 per cent.
Imports of clothing, shoes and accessories (4.2 per cent) other food products (4.1 per cent), miscellaneous goods and supplies (2.7 per cent) and meat products (9.3 per cent) also fell in March, data showed.
While the Canadian economy “looks like it just achieved liftoff,” it is largely driven by price increases caused by the Iran war, said Canadian Chamber of Commerce economist Jasleen Kaur Trehan.
“This is still very much a price-driven story stemming in no small part from the war in Iran. Higher oil prices and a surge in gold shipments are doing most of the heavy lifting,” Trehan said.
“While March looks strong, the broader picture is still uneven. Trade flows are moving, but Canada is not yet building consistent, broad-based momentum in external demand.”
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