High energy prices fuel surge in Canadian exports in second quarter

For the month of June, Canada's global trade surplus widened slightly to $3.9 billion from $3.7 billion in May, marking the fourth consecutive monthly trade surplus. Photo by MARCO ANTONIO MARTINEZ / AFP via Getty Images

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Canadian exports grew faster than imports in the second quarter of 2026 as higher oil prices lead to a large increase in the value of energy product exports.

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Total exports rose by 13.1 per cent for the quarter, while imports increased by 4.2 per cent.

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It was the strongest quarterly increase in exports since the third quarter of 2020, according to Statistics Canada data published on Tuesday.

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In real or volume terms, exports were up 5.4 per cent while imports were up 1.4 per cent.

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For the month of June, Canada’s global trade surplus widened slightly to $3.9 billion from $3.7 billion in May, marking the fourth consecutive monthly trade surplus.

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Merchandise exports edged up by 0.4 per cent due to higher exports of gold to the United Kingdom and higher purchases of Canadian-held gold by foreign residents — an increase of around 27.9 per cent — which helped offset lower exports of energy products as crude oil prices fell from their highs.

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In volume terms, total exports were up 1.1 per cent in June.

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Meanwhile, imports edged up by 0.2 per cent because of a record number of shipments of computers and computer peripherals, an increase of around 59 per cent. Processing units often used in data centres coming in from the United States drove the increase. If this product section was excluded, imports fell by 1.3 per cent.

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Higher prices helped contribute to the monthly increase in total imports. In volume terms, total imports were down by 1.5 per cent.

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Statistics Canada officials noted, however, that the depreciation of the Canadian dollar impacted import and export values in June because most transactions are completed in U.S. dollars and must be converted.

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When the Canadian dollar depreciates against the U.S. dollar, monthly trade values expressed in Canadian dollars will be higher. On average, the value of the Canadian dollar decreased by 1.7 cents U.S. in June, the largest monthly decrease since October 2022.

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If expressed in U.S. dollars, Canadian exports decreased by two per cent in June while imports were down 2.1 per cent.

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