{"id":12959,"date":"2026-08-04T15:55:11","date_gmt":"2026-08-04T15:55:11","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=12959"},"modified":"2026-08-04T15:55:13","modified_gmt":"2026-08-04T15:55:13","slug":"canadian-trade-balance-held-in-surplus-for-fourth-straight-month","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-trade-balance-held-in-surplus-for-fourth-straight-month\/","title":{"rendered":"Canadian trade balance held in surplus for fourth straight month"},"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 trade balance held in surplus for a fourth consecutive month in June with a jump in gold exports offsetting a (price-related) drop in energy exports.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The monthly trade data is notoriously volatile, but still left net trade tracking a sizable net add to GDP growth in Q2 &#8212; broadly consistent with earlier&nbsp;<a href=\"https:\/\/click.website.rbc.com\/?qs=ABB7InYiOjEsImQiOjQ5NTh9AAQAAAAAASQx5jWEeH5cnHJOXClQBfEPlSF5NhFNU49BW-d5mZ9-l_We1wI7pEaHL43H0WJJINiRZ8sjV8im4wJBeX9JllWNf7z1c9dK-xTC\"><\/a><a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-economy-continued-to-expand-in-may-despite-mounting-trade-uncertainty\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-DataFlashes-12959-919e89ad\" data-dig-category=\"LP-CanadianAnalysis-DataFlashes\" data-dig-action=\"link click\" data-dig-label=\"monthly GDP\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">monthly GDP<\/a>&nbsp;data that was already tracking roughly a percentage point of upside risk to our own forecast for a 2.2% Q2 GDP gain.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Critically that net add looks likely to be a function of both a 20%+ surge in merchandise export volumes (a sign of firming external demand) outpacing still solid import growth &#8212; the latter tied to a large jump in equipment imports that is a positive sign&nbsp;for domestic Canadian investment spending (with a jump in June in particular tied to increased imports of processing units likely for use in data centers.)&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/click.website.rbc.com\/?qs=ABB7InYiOjEsImQiOjQ5NTh9AAQAAAAAASQx5jWF3eN0yNlmoqB2kwsThwOTXwV0-UL7-LbLawT6C0b2JhnN2elcvgta0Twb2SRAGAf7ioRdQ13dyRszONkuPbS_-MyvkJdT\"><\/a><a href=\"https:\/\/www.rbc.com\/en\/economics\/forward-guidance\/six-takeaways-for-canada-from-latest-u-s-tariff-threats-gdp-likely-rose-again-in-may\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-CanadianAnalysis-DataFlashes-12959-919e89ad\" data-dig-label=\"New tariffs\" data-dig-action=\"link click\" data-dig-category=\"LP-CanadianAnalysis-DataFlashes\" class=\"rbc-link-format\">New tariffs<\/a>&nbsp;threatened by the U.S. administration to be implemented later this month would significantly erode Canada&#8217;s average relative tariff rate compared to other major U.S. import markets. But they would still leave more than 80% of Canadian exports to the U.S. duty free due to both the exemption for CUSMA-compliant trade and a list of broader U.S. product-specific exemptions that has grown substantially over the last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We continue to expect, as a base-case, that a more stable&nbsp; U.S. tariff backdrop in 2026 (albeit still at significantly higher tariff rates for some products) will leave trade as less of a headwind to growth than it was in 2025.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\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\">The Canadian merchandise trade balance held in surplus for a fourth consecutive month in June, rising to $3.9 billion from a downwardly revised $3.7 billion (previously $4.2 billion) level in May.&nbsp;&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The small widening in the June trade surplus was led by a jump in gold exports (28%) that offset a price-led 10% drop in energy exports.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Both of the gold and energy product categories have been exceptionally volatile &#8212; but excluding those components, trade flows showed further signs of stabilization in June.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Excluding price impacts, export volumes hit a record high in Q2 &#8212; up an annualized 23% from Q1, and 9.5% from a year ago when trade flows were sharply depressed by new U.S. tariffs imposed in spring 2025.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">About 40% of the overall Q2 export volumes increase came from a rebound in auto sector exports after production disruptions in the winter.&nbsp; Steel export volumes remained under pressure (-12% from a year ago)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">In nominal terms (not excluding price impacts), exports to the U.S. were up 24% year-over-year in June and 28% to non-U.S. destinations.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Imports volumes fell 1.8% in June, building on a 0.5% drop in May, but were still up an annualized 5.8% in Q2 as a whole<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Import details point to a potentially sizable jump in Q2 Canadian business investment from both a jump in industrial equipment imports (10.6% annualized) and a 42.8% surge in electronic equipment purchases that was reportedly supported by purchases of processing&nbsp;units for data centers.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">On net, controlling for both price changes and volatile gold shipments &#8212; the data is tracking an add to Q2 annualized GDP growth from net trade of around 4 percentage points, reinforcing earlier monthly GDP data that pointed to a sizable bounce-back in Q2 GDP after growth stalled over the prior two quarters.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-bQqCex-cQ\" class=\"everviz-bQqCex-cQ\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a723b366f8e1&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a723b366f8e1\" 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\/08\/TradeTableAug4.png\" alt=\"\" class=\"wp-image-13544\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/TradeTableAug4.png 7954w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/TradeTableAug4.png?resize=216,300 216w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/TradeTableAug4.png?resize=768,1065 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/TradeTableAug4.png?resize=738,1024 738w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/TradeTableAug4.png?resize=1107,1536 1107w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/TradeTableAug4.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\"><strong>Nathan Janzen<\/strong><em><em><em>&nbsp;is an Assistant Chief Economist, leading the macroeconomic analysis group. His focus is on analysis and forecasting macroeconomic developments in Canada and the United States.<\/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":345,"featured_media":6867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[83,93],"tags":[115,11,24],"rbc_econ_content_type":[],"class_list":["post-12959","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 v28.1 (Yoast SEO v28.1) - 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