Key facts
- Statistics Canada reported a September goods trade surplus of C$5.35 billion, the widest since May 2022.
- Exports to the US rose 0.7% in September, widening the bilateral surplus to C$12.3 billion from C$12.1 billion.
- Unwrought gold exports rose 16.8% and energy product exports rose 8.2% in September, Statistics Canada said.
- Excluding gold and energy, exports fell 5.6% in September, which Statistics Canada linked to new US tariffs.
- Total imports fell 0.3% in September, led by motor vehicle and parts and consumer goods.
Canada recorded a goods trade surplus of C$5.35 billion ($3.83 billion) in September, Statistics Canada said on Wednesday, the widest since May 2022. Economists polled by Reuters had forecast a surplus of C$4.10 billion, down from an upwardly revised C$4.95 billion in August.
Exports to the United States rose 0.7% in September, lifting the bilateral surplus to C$12.3 billion from C$12.1 billion in August. Canada's share of exports going to the US passed 70% for the first time in thirteen months.
Metal and non-metallic mineral product exports rose 8.6%, led by unwrought gold, which rose 16.8% and contributed most to the monthly gain. Energy product exports rose 8.2%. Excluding gold and energy, exports fell 5.6%, and in volume terms exports were down 4%.
Statistics Canada said consumer goods, electronic and electrical equipment and parts, and industrial machinery all recorded decreases, which it attributed to new tariffs imposed by President Donald Trump in September after trade talks collapsed. Total imports fell 0.3%, led by motor vehicle and parts and consumer goods. Exports to countries other than the US fell 1.1% and imports from them fell 1.4%.
The report said the monthly goods trade figure shows how Canadian exporters are faring after months of US tariffs, and that higher crude oil and product prices tied to the war in Iran lifted export revenue. Trump's Republican party lost control of both chambers of Congress in Tuesday's mid-term elections. The two countries indicated this week that talks for a renewed trade deal had intensified.