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Canada's Merchandise Trade Surplus Tops Views in May; Excess With US Hits Highest Since January 2025

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Canada's merchandise trade surplus with the world widened to C$4.2 billion in May, higher than expected, from C$3.4 billion in April as exports rose more than imports, the country's statistical agency said on Tuesday.

The surplus easily topped the C$2.9 billion consensus figure provided by Bank of Montreal before the Statistics Canada data release.

Exports rose 0.9% in May to a record C$77.1 billion, marking a fourth consecutive monthly increase. Growth was broad-based, with gains in seven of 11 product categories, while non-energy exports increased 2%, StatsCan said. In volume terms, total exports were broadly unchanged.

After reaching a record high in April, total imports edged down 0.2% month over month in May, mainly as a result of lower gold imports. In volume terms, total imports were up 0.4% on the month.

Canada's trade surplus with the U.S. widened to C$11.6 billion in May from C$10.3 billion in April, posting the largest surplus since the record high of January 2025, according to the Ottawa-based agency.

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