Canada’s Trade Surplus Rises 55% in April as Higher Oil Prices Boost Exports

Canada recorded a merchandise trade surplus of $2.72 billion in April, up 55 per cent from the previous month and the highest level in 15 months, according to data released Tuesday by Statistics Canada.

The increase was driven in part by higher crude oil prices, which supported the value of Canadian exports during the month. The latest figures come as global energy markets continue to respond to geopolitical tensions affecting oil supply and pricing.

Despite federal efforts to diversify trade and reduce reliance on the United States amid ongoing trade disputes, the U.S. remained Canada’s dominant export market. Statistics Canada reported that exports to the United States totalled $51.98 billion in April, representing 69.2 per cent of Canada’s total merchandise exports.

Imports from the United States reached $42.50 billion during the same period, leaving Canada with a bilateral trade surplus of $9.48 billion with its largest trading partner.

Exports to countries other than the United States declined by 4.8 per cent in April. Statistics Canada said a record $3.84 billion in trade with China helped offset some of that decline.