markets
Canada’s Trade Surplus Narrows to $769 Million
First export drop in six months. Gold and crude led the slide. Auto imports hit a record.
TIC Staff · September 3, 2026 · 1 min read
Canada’s merchandise trade surplus with the world narrowed to $769 million in July from $4.2 billion in June. Exports fell 2.3% to $76.1 billion, the first decline in six months. Imports rose 2.2% to $75.4 billion. It was still a fifth consecutive monthly surplus. Just a much thinner one.
Metal and non-metallic mineral products fell 8.5%. Unwrought gold, silver and platinum-group metals dropped 13.1% on fewer U.S. shipments and lower prices, which are down 9.0% from the February peak. Energy exports fell 4.4%. Crude oil was down 5.6% on both price and volume. Natural gas fell 14.0%.
The surplus with the United States narrowed to $5.9 billion from $10.3 billion, the lowest since February. Exports to the U.S. fell 6.6%, the sharpest drop since April 2025. Exports to the rest of the world hit a record $25.6 billion. Motor vehicle and parts imports jumped 11.4% to a record as the usual July plant shutdowns were milder, especially in the U.S.
Export volumes fell 1.5%. Import volumes rose 2.2%, matching the dollar print. Cheaper gold, cheaper barrels, more cars. The surplus is still a surplus. The terms of trade did the rest.