Oil prices drive Canadian exports to a record high, reaching the largest surplus since before Trump imposed tariffs.

Due to the rise in crude oil prices driving exports to a historic high, Canada's trade surplus further expanded in April. Data released by Statistics Canada on Tuesday showed that the country's trade surplus in April increased from 1.75 billion Canadian dollars in March to 2.72 billion Canadian dollars. This is Canada's second consecutive month of achieving a trade surplus and the largest surplus since January 2025. Canada's trade surplus with the United States also hit its highest level since February 2025, when U.S. President Trump had not yet imposed tariffs on Canada. Canadian exports in April increased by 1.6%, reaching 75.2 billion Canadian dollars, with growth seen in multiple sectors. Energy exports saw the largest contribution to growth, with a 7% increase in crude oil exports driven by rising prices.