Canada's trade surplus widens to more than four-year high in September
SPY•Canada posted a C$5.35 billion trade surplus in September, the highest since May 2022, as gold and energy exports rose. The surplus with the United States widened to C$12.3 billion, while exports excluding gold and energy fell 5.6%.
1. Gold and energy lift exports
Canada's trade surplus reached C$5.35 billion in September, its highest since May 2022, helped by gold and higher energy exports, primarily to the United States. Exports to the U.S. rose 0.7%, widening the bilateral surplus to C$12.3 billion from C$12.1 billion in August; the U.S. share of Canadian exports topped 70% for the first time in thirteen months.
2. Tariffs weigh on shipments
Excluding gold and energy, exports fell 5.6% in September, while exports by volume declined 4%. Exports of metal and non-metallic mineral products rose 8.6%, led by a 16.8% increase in unwrought gold, and energy exports climbed 8.2%. Statistics Canada said consumer goods, electronic and electrical equipment, and industrial machinery were among categories hit by new U.S. tariffs.
3. Imports decline
Total imports slipped 0.3%, led by motor vehicles and parts and consumer goods. Exports to countries outside the United States fell 1.1%, while imports from those countries declined 1.4%. Analysts had forecast a September surplus of C$4.10 billion.
