Canada Trade Surplus March Reaches $1.8 Billion on Export Jump

Canada trade surplus march swung to a $1.8 billion surplus in March, the first time the balance has been in the black in six months. Exports rose 8.5 per cent while imports fell 1.6 per cent, pushing the monthly trade position sharply away from February’s $5.1 billion deficit.

Gold and oil drove March

$72.8 billion in exports marked the highest level since January 2025, with Canadian metals, non-metal minerals and energy products rising sharply. Gold shipments to the United Kingdom and crude oil exports to Germany and the Netherlands led the gain in non-U.S. markets, where exports rose 9.1 per cent to $24.3 billion and hit a record high for the second month in a row.

$3 billion more in unwrought gold, silver and platinum group metals and their alloys helped lift that category 37.7 per cent in March. Energy exports rose 15.6 per cent to $17.1 billion, while the value of crude oil exports climbed 18.9 per cent, a move Statistics Canada linked largely to higher prices after the closure of the Strait of Hormuz amid the Iran war.

Trehan on price pressure

Jasleen Kaur Trehan, a Canadian Chamber of Commerce economist, said: "This is still very much a price-driven story stemming in no small part from the war in Iran. Higher oil prices and a surge in gold shipments are doing most of the heavy lifting". Her read leaves the March surplus looking less like a broad demand revival and more like a month powered by commodity prices.

3.96 per cent lower imports of consumer goods, along with 9.3 per cent declines in pharmaceutical products and meat products, added to the improvement. Clothing, shoes and accessories fell 4.2 per cent, other food products dropped 4.1 per cent, and miscellaneous goods and supplies decreased 2.7 per cent, leaving March’s trade balance supported by both stronger exports and a narrower import bill.