Canada Returns to Trade Surplus in March Fueled by Oil and Gold Exports

Deep News05-05 22:03

Canada recorded its first trade surplus in six months during March, driven by a surge in exports of gold and oil. Statistics Canada reported on Tuesday that strong export growth combined with a decline in imports resulted in a trade surplus of C$1.8 billion (US$1.3 billion). This follows a deficit of C$5.1 billion in the previous month. Economists surveyed by Bloomberg had anticipated a deficit of C$2.5 billion for March. This marks the first trade surplus since September 2025, primarily attributed to Middle East conflicts benefiting Canadian resource exporters. Overall exports increased by 8.5%, reaching the highest level since January 2025. Exports of metal and non-metallic mineral products rose by 24% to a record C$15.3 billion. Meanwhile, higher crude oil prices propelled energy exports to grow by 15.6%, reaching the highest level since September 2022. Within this category, crude oil exports jumped by 18.9%.

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