Canada posted a merchandise trade surplus of C$5.35 billion — about US$3.83 billion — in September 2026, Statistics Canada reported on November 4. It is the country’s widest trade surplus since May 2022 and came in well above the C$4.10 billion consensus forecast.
The drivers were commodities. Unwrought gold exports surged 16.8%, energy exports rose 8.2% — with crude oil and bitumen up 10.2%, mostly on higher prices — and exports of metal and non-metallic mineral products increased 8.6%. Canada’s surplus with the United States widened to C$12.3 billion from C$12.1 billion in August, with exports to the US up 0.7% and the American share of Canada’s exports topping 70% for the first time in 13 months.
The headline flatters, though. Excluding gold and energy, exports actually dropped 5.6% in September as new US tariffs — Trump’s Section 338 measures in force since August 22 — hit consumer goods, electronics, electrical equipment and industrial machinery. Overall export volumes fell 4%, and imports dropped 0.3% on weaker motor vehicle, parts and consumer goods shipments.
August’s surplus was also revised upward to C$4.95 billion from C$4.20 billion, strengthening the back-to-back picture. Still, the underlying split — a commodities boom masking tariff-hit manufactured exports — is likely to dominate how economists read the number.
For a country navigating one of the toughest trade environments in recent memory, the record surplus offers relief — but the tariff-driven erosion beneath it remains the story to watch.
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Bhudev Bhagaliya is an experienced and senior journalist who has carved a distinct niche for himself in the world of Hindi journalism through his profound understanding and precise writing style. With over two decades of experience in the field of journalism, he has held key responsibilities at Dainik Hindustan for 12 years and at Amar Ujala for one year. Currently, he serves as the Content Editor for the Jagrook Youth News newspaper and portal, where he plays a crucial role in ensuring the quality and credibility of the news content. Bhudev Bhagaliya consistently writes about issues that help raise awareness within society and among the younger generation.