Canada’s trade report for June was released yesterday, showing Canada’s economy ran a fourth straight trade surplus. Canada’s trade activity has held up relatively well in recent months, benefiting from higher oil prices. Statistics Canada said that trade was also helped by the depreciation of the Canadian dollar in June, which lifted the value of exports and imports. Canada’s trade with countries outside of the US continues to show signs of improvement.

• Canada’s trade surplus widened to $3.9 billion in June, up from a revised $3.7 billion in the previous month and the fourth straight monthly surplus. A Bloomberg survey of economists was expecting a $3.0 billion surplus.
• Exports from Canada rose by 0.4% to a record $77.5 billion in June. This marked the fifth consecutive increase.
• Energy exports slipped while gold and automotive exports increased. Crude oil and refined petroleum exports fell on lower prices, but record gold shipments, particularly to the UK, and a fifth straight monthly increase in vehicle exports helped offset the decline in energy exports.
• Imports also increased, rising by 0.2% to $73.6 billion, also a record high. June’s increase was driven by a rise in purchases of computers and related equipment.
• Looking at trade with the US, imports from the US increase in response to surging computer and data-centre equipment purchases. Canada’s trade surplus with the US narrowed to $10.0 billion in June from $11.1 billion in May.

June’s results point to a 13.1% jump in exports during the second quarter of 2026, which is the strongest quarterly gain since 2020, helped by higher energy prices tied to the Middle East conflict and a rebound in auto shipments. Still, with tariffs and a softer Canadian dollar both distorting the headline numbers, the underlying trend is worth watching closely as trade tensions with the U.S. continue to evolve.

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