Crude oil drives Canada's trade surplus to its highest level since before the implementation of tariffs.

In April, Canada's trade surplus expanded, driven by a historic high in oil exports, but gold exports saw a significant decrease. According to Statistics Canada's report on Tuesday, the country's trade surplus reached 2.72 billion Canadian dollars in April, up from 1.75 billion Canadian dollars in March. This marks the second consecutive month of a trade surplus and the largest monthly surplus since January 2025. The trade surplus with the United States also reached its highest level since February 2025, just before President Donald Trump's first implementation of tariffs. At that time, Trump had not yet imposed tariffs. In April, total exports increased by 1.6%, reaching 75.2 billion Canadian dollars, mainly due to overall growth. Energy exports saw the largest contribution to the increase, as oil exports grew by 7% in April due to rising oil prices. However, this export growth was offset by a 25.5% decrease in exports of unprocessed gold, silver, and platinum group metals, mainly due to a reduction in gold exports to the United Kingdom. In recent months, the sharp rise in gold and energy prices has supported Canada's trade balance, but as oil prices soared in April, gold prices declined.