Canada's Trade Surplus in April Is Positive for GDP, Says CIBC

08:59 AM EDT, 06/09/2026 (MT Newswires) -- Canada's trade surplus in goods widened further in April, helped not only by higher oil prices but also by an increase in export volumes, said CIBC after Tuesday's release of the international merchandise trade data.

The $2.72 billion surplus in April was wider than the $1.75 billion in the prior month but broadly in line with consensus expectations of $2.55 billion, noted the bank.

Total exports rose by 1.6% month over month, driven by energy products, food and autos. Export growth would have been stronger were it not for a pullback in the volatile gold trade, stated CIBC.

Excluding the two volatile areas of energy and metal/non-metallic minerals, exports were up by 5.1% and total exports saw another solid increase in volume terms. Total imports edged up slightly in both nominal and volume terms.

The solid increase in export volumes is positive for monthly and quarterly gross domestic product, although the strong advance estimate for April GDP will likely have already included most -- if not all -- of that information, added CIBC.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.