The Financial Post reports in its Wednesday edition that Canada recorded its first trade surplus in six months with a $1.8-billion surplus in March, attributed to an 8.5-per-cent rise in exports to $72.8-billion. The Post's Paula Tran writes that this follows a $5.1-billion trade deficit in February, the largest since August, 2025. However, economists caution that volatile oil prices could impact future trade figures.
Exports of metallic and non-metallic mineral products surged 24 per cent to a record $15.3-billion. Gold shipments increased 37.7 per cent to $3-billion, mainly boosted by rising exports to the U.K., even as gold prices fell.
Oil exports also contributed to the jump, growing by around 15.6 per cent to $17.1-billion in March -- the highest level since September, 2022, due to a sudden increase in crude prices caused by the war in Iran.
Total imports fell by 1.6 per cent in March after reaching a record high in February, driven by a decrease of consumer goods and aircraft and other transportation equipment.
BMO Capital Markets senior economist Shelly Kaushik said the surplus was better than markets expected, but not "super surprising, just given the upswing in oil prices and energy prices more broadly."
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