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Exports Reach Record High on the Back of Strong Crude Oil Shipments

Canadian Economics

By: David Ristovski

    

Canada’s merchandise exports rose 1.6 per cent in April. Meanwhile, imports were up 0.3 per cent. As a result, Canada’s merchandise trade surplus widened from $1.8 billion in March to $2.7 billion in April.

  • Exports jumped to $75.2 billion in April. Gains were recorded in 9 of 11 product categories. Exports of energy products (+9.7 per cent) and farm, fishing and intermediate products (+8.9 per cent) contributed most to the overall monthly increase. Meanwhile, exports of metal and non-metallic mineral products posted the most significant decline, at 17.5 per cent, offsetting some of the gains. In volume terms, exports were up 3.0 per cent in April.
  • Imports rose to $72.4 billion in April, with increases recorded in 6 of 11 product categories. The main contributors to the monthly increase were imports of basic and industrial chemical, plastic and rubber products (+16.9 per cent), as well as imports of electronic and electrical equipment and parts (+4.2 per cent). On the other hand, the overall increase this month was partially offset by imports of metal and non-metallic mineral products. In volume terms, total imports rose 0.4 per cent.
  • Canadian exports to the U.S. rose 4.8 per cent in April. Meanwhile, imports from the United States were up 1.6 per cent. As a result, the merchandise trade surplus with the United States widened from $7.8 billion in March to $9.5 billion in April.

Key Insights

Nominal exports reach a record high in April. Energy products were the main contributors to export growth in April. A significant portion of the increase was driven by rising energy prices amid uncertainty stemming from the conflict in Iran. Consequently, nominal crude oil exports increased by 7.0 per cent, while exports of refined petroleum products surged 37.9 per cent, supported by higher shipments of motor gasoline and aviation fuel. In addition, stronger wheat exports to China and increased shipments of crude canola oil to the United States were key factors behind the growth in exports of farm, fishing, and intermediate food products.

Growth in imports was tempered by lower imports of metal and non-metallic mineral products. Overall import growth was primarily driven by higher imports of basic and industrial chemicals, as well as plastic and rubber products. Imports of lubricants and other petroleum refinery products surged 49.0 per cent, largely reflecting increased imports of crude oil diluents from the United States. Rising prices within this product category also contributed to the overall increase in imports. In contrast, imports of metal and non-metallic mineral products declined sharply, mainly due to a 27.5 per cent decrease in unwrought gold imports. Lower gold prices further contributed to the decline in this category.

The near-term outlook for Canadian trade remains uncertain. In the first quarter of 2026, real exports edged down 0.1 per cent, primarily reflecting weaker exports of passenger cars and light trucks, which have been affected by U.S. tariffs. At the same time, real imports increased 2.9 per cent, largely driven by higher gold imports, and weighed on overall GDP growth. Looking ahead, Canadian trade is expected to remain under pressure as long as U.S. tariffs persist and the conflict in Iran remains unresolved.

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