PrintCanada's Merchandise Trade Surplus With U.S. Expands Thanks to Energy Exports, Says National Bank
BY MT Newswires | ECONOMIC | 05/06/26 07:03 AM EDT07:03 AM EDT, 05/06/2026 (MT Newswires) -- Canada's merchandise trade balance saw its largest monthly change in March since records began in 1988, said National Bank of Canada after Tuesday's data.
The $6.9 billion upward swing was largely due to a sharp rise in exports, which benefited from the surge in energy prices associated with the outbreak of conflict in the Middle East, reaching their highest level since January 2025, noted the bank.
Prices of crude oil and refined oil products indeed increased by 33.1% and 34.3%, respectively, resulting in rises in nominal exports of 39.6% and 24.7% in these categories.
Since the United States is the primary destination for Canadian energy exports, it was perhaps not surprising to see the merchandise trade surplus with the U.S. reach a six-month high in March, stated National Bank.
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