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Canada posted a trade surplus for the fourth consecutive month in May, driven primarily by higher sulphur shipments.
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Data published by Statistics Canada on Tuesday showed total exports rose by 0.9 per cent to reach a record $77.1 billion in May, widening Canada’s trade surplus to $4.2 billion.
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It is the largest trade surplus since May 2022 and follows surpluses of $3.4-billion in April 2026 and $1.8-billion in March.
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May’s increase was primarily driven by a 16.1 per cent increase in exports of metal ores and non-metallic mineral products.
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Gains were broad-based in this category, with the sharpest spike observed in sulphur exports (37 per cent) due to boosted fertilizer prices as the closure of the Strait of
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Hormuz slowed global sulphur shipments. Exports of gold ore also more than doubled in May due to increased shipments to China.
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Exports of metal and non-metallic products were also up by 1.5 per cent in May, despite a fall in gold exports. A 50.7 per cent increase in aluminum exports, particularly to the Netherlands, Greece and Italy, helped drive that gain. May’s overall increase in exports was partially offset by a two per cent decrease in energy products, after a sharp rise in crude oil products led to a 43.1 per cent increase from February to April. StatCan officials said lower crude oil exports — which declined by 5.4 per cent in May — contributed the most to the decline in this category because of lower volumes. Higher exports of nuclear fuel, natural gas and refined petroleum energy products moderated the overall decline in energy products.
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By volume, total exports were unchanged following a three per cent increase in April.
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Total imports edged down by 0.2 per cent in May after reaching a record high in April, mainly due to lower imports of metal and non-metallic products, especially gold. If this category was excluded, imports rose by 1.9 per cent in May. In volume terms, total imports were up 0.4 per cent.
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Canada’s trade surplus with the United States widened from $10.3 billion in April to $11.6 billion in May, the largest surplus since January 2025.
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However, exports to non-U.S. markets fell for a second consecutive month, edging down 0.3 per cent in May after a four per cent decrease in April. Lower exports of gold to the United Kingdom contributed significantly to the decline.
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Imports from non-U.S. markets rose by 1.5 per cent in May, due to increased shipments of passenger cars and light trucks from South Korea and “various products” from China, StatCan said.
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English (US)