{"id":11634,"date":"2026-06-09T14:02:56","date_gmt":"2026-06-09T14:02:56","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=11634"},"modified":"2026-06-09T14:22:49","modified_gmt":"2026-06-09T14:22:49","slug":"canadian-trade-surplus-widens-in-april-on-higher-energy-prices","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-trade-surplus-widens-in-april-on-higher-energy-prices\/","title":{"rendered":"Canadian trade surplus widens in April on higher energy prices"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 id=\"h-the-bottom-line\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-c75936e627370431cdc0e4879696a373\">The Bottom Line:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Canada&#8217;s merchandise trade surplus widened to $2.7 billion in April from $1.8 billion in March, as exports rose 1.6% while imports edged up 0.3%, largely in line with our expectations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Higher energy prices were a key driver. Oil prices climbed sharply from March levels, boosting energy exports, while motor vehicles and parts also increased, consistent with stronger vehicle production data following production disruptions earlier in the year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Price swings muddy the picture, making volumes a better gauge of underlying foreign demand. Stripping out price impacts, volumes rose 0.2%, adding moderately to larger increases over the prior two months (which have also been revised upward).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Import trends will also be important to watch. Machinery and equipment purchases are a key indicator of business investment activity and can provide an early signal of how firms are responding to an uncertain trade environment. Imports of electronic machinery&nbsp;and equipment rose 3.2% in volume terms, more than offsetting the decline in industrial M&amp;E (which were still up 5.7% from year-ago levels). This adds to evidence that business investment spending has started to edge higher despite elevated uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trade flows continue to be influenced by shifts in U.S. tariff policy and questions surrounding future arrangements. By our count, approximately 87% of Canadian exports to the United States crossed the border duty-free in April, leaving the effective U.S. tariff&nbsp;rate on Canadian goods well below those faced by many other trading partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Significant uncertainty remains, with negotiations on CUSMA renewal expected to intensify in coming months. Still, we continue to expect that a more stable international backdrop in 2026, albeit at higher tariff rates than before 2025, will make trade less&nbsp;of a headwind than it was over the past year.<\/p>\n\n\n\n<h4 id=\"h-the-details\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-30f57298bbf8ead15134d747597f5622\">The details:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Exports rose 1.6% in nominal terms, supported by higher energy prices and stronger motor vehicle shipments. Energy exports increased another 9.7%, reflecting the rise in oil prices during the month, while motor vehicle and parts rose 5.9% as production continued&nbsp;to recover.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Because price movements were a significant driver of headline flows in April, volumes provide a clearer signal of underlying demand conditions. Excluding price impacts, total exports rose 0.2%, mainly from motor vehicle and parts, with gains partially offset by weakness in metal and non-metallic mineral products.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Imports were 0.3% higher from March (nominal). Excluding price effects, volumes fell 0.1%. Industrial machinery, equipment and parts were down 0.9% from March, but electronic and electrical equipment rose 3.2%, mainly due to increased processor imports from Ireland for data centres. That suggests continued resilience in business investment spending despite elevated uncertainty surrounding international trade policy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Canada&#8217;s goods trade surplus with the United States totaled $9.5 billion in April, compared with $7.8 billion in March. Exports to the U.S. rose 4.8% m\/m (+24.2% y\/y) while imports increased 1.6% (+9.9% y\/y).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Flows with countries outside the United States showed some moderation in April, with exports falling 4.8% (+25.7 y\/y) and imports declining 1.5% (+4% y\/y).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Separately reported U.S. data showed the average effective tariff rate on imports from Canada little changed at approximately 3.2% in April, with roughly 87% of Canadian exports continuing to enter the U.S. duty-free under CUSMA exemptions and other provisions. The average effective U.S. tariff rate across all trading partners was 6.7%, compared with 6.8% in March.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a287a7545590&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a287a7545590\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"7954\" height=\"11032\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Trade-June-2026.png?quality=80\" alt=\"RBC Economics - Canada Merchandise Trade Summary \" class=\"wp-image-11646\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Trade-June-2026.png 7954w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Trade-June-2026.png?resize=216,300 216w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Trade-June-2026.png?resize=768,1065 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Trade-June-2026.png?resize=738,1024 738w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Trade-June-2026.png?resize=1107,1536 1107w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/Trade-June-2026.png?resize=1477,2048 1477w\" sizes=\"auto, (max-width: 7954px) 100vw, 7954px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the author:<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><em><em><strong>Abbey Xu <\/strong><em>is an economist at RBC. She is a member of the macroeconomic analysis group, focusing on macroeconomic forecasting models and providing timely analysis and updates on economic trends.<\/em><\/em><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":6866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,93],"tags":[115,11,24],"rbc_econ_content_type":[],"class_list":["post-11634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-data-flashes","tag-canada","tag-economy","tag-trade"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - 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