Canada’s Five-Year International Trade Outlook—April 2026

More Grief Before Relief

In the near term, Canada’s export sector will continue to be challenged by tariffs, trade uncertainty, and softer U.S. demand. Will domestic demand firm up merchandise imports over the next year? As Canadians avoid travel to the U.S., will this and a weak Canadian dollar support non-merchandise demand over the forecast period? A new downside risk in the U.S.–Iran conflict has disrupted oil prices. What does this mean for Canadian producers now and over the medium term?

Read our outlook to get the full report.