-- Canada's merchandise trade balance with the world went from a deficit of $5.1 billion in February to a surplus of $1.8 billion in March as exports rose 8.5% month over month, while imports fell 1.6%, said the country's statistical agency on Tuesday.
March's surplus -- the first since September 2025 -- topped a $2.50 billion consensus deficit figure provided by MUFG.
Amid the uncertainty surrounding the economic repercussions stemming from the conflict in Iran, some product sections saw sharp movements, noted Statistics Canada.
In particular, exports of metal and non-metallic mineral products and of energy products posted the largest monthly increases. Excluding these two product sections, exports increased more moderately, or 1.1% month over month, in March.
Overall, gains were observed in seven of the 11 product sections. The increase in prices had a significant impact on the growth in exports in March; in real (or volume) terms, total exports edged down 0.3%.
The trade surplus with the United States widened to $7.1 billion in March, from $2.9 billion in February, as exports gained 8.3% and imports slipped 1.2%, pointed out StatsCan. March holds the highest surplus since September 2025.
Canada's trade deficit with countries other than the U.S. narrowed from $8.0 billion in February to $5.3 billion in March, as exports added 9.1% and imports fell 2.2%. This was the smallest deficit since January 2021.