{"id":6245,"date":"2026-07-07T21:17:14","date_gmt":"2026-07-07T21:17:14","guid":{"rendered":"https:\/\/www.rbc.com\/fr\/economique\/?p=6245"},"modified":"2026-07-08T21:17:45","modified_gmt":"2026-07-08T21:17:45","slug":"lexcedent-commercial-du-canada-sest-encore-elargi-en-mai","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/fr\/economique\/analyse-pour-le-canada\/rapports-de-donnees-provisoires\/lexcedent-commercial-du-canada-sest-encore-elargi-en-mai\/","title":{"rendered":"L\u2019exc\u00e9dent commercial du Canada s\u2019est encore \u00e9largi en mai"},"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-en-resume\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-3e7439e5eabf708a60c559c9bab7213c\">En r\u00e9sum\u00e9 :<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019exc\u00e9dent commercial des marchandises canadien s\u2019est accru, passant de 3,4&nbsp;milliards de dollars en avril \u00e0 4,2&nbsp;milliards de dollars en mai (r\u00e9vision \u00e0 la hausse de 2,7&nbsp;milliards de dollars), car les exportations ont augment\u00e9 de 0,9&nbsp;% et les importations, de 0,2&nbsp;%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le ralentissement de la croissance des prix de l\u2019\u00e9nergie a moins soutenu la valeur des exportations, et les exportations d\u2019a\u00e9ronefs et autres mat\u00e9riel et pi\u00e8ces de transport ont recul\u00e9 apr\u00e8s les gains des mois pr\u00e9c\u00e9dents. N\u00e9anmoins, les donn\u00e9es mensuelles sur le commerce sont fortement influenc\u00e9es par les prix des marchandises et les cat\u00e9gories de produits individuelles; par cons\u00e9quent, il est important de regarder au-del\u00e0 des valeurs globales lors de l\u2019\u00e9valuation des conditions sous-jacentes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les volumes d\u2019exportations, en excluant les effets des prix, ont recul\u00e9 de 0,5&nbsp;% en mai, ce qui donne une meilleure id\u00e9e de la demande \u00e9trang\u00e8re sous-jacente, mais une forte hausse est toujours \u00e0 pr\u00e9voir pour le deuxi\u00e8me trimestre dans son ensemble. Les volumes d\u2019importations ont \u00e9galement diminu\u00e9, mais en grande partie \u00e0 cause du repli des importations d\u2019or. Les importations de machinerie et d\u2019\u00e9quipement industriels ont bondi de 6,1&nbsp;% par rapport \u00e0 avril (hausse de 12,8&nbsp;% sur 12&nbsp;mois), ce qui indique que les investissements des entreprises augmentent, car elles doivent composer avec un contexte commercial incertain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les flux commerciaux continuent d\u2019\u00eatre fa\u00e7onn\u00e9s par l\u2019incertitude entourant la politique commerciale am\u00e9ricaine, bien que nous nous attendions globalement \u00e0 ce que les \u00e9changes commerciaux freinent moins la croissance canadienne qu\u2019en 2025, au fur et \u00e0 mesure de la stabilisation graduelle du contexte international. Le r\u00e9cent examen conjoint de l\u2019ACEUM n\u2019a rien chang\u00e9 \u00e0 notre sc\u00e9nario de base selon lequel les r\u00e8gles commerciales nord-am\u00e9ricaines demeureront globalement les m\u00eames, m\u00eame si les n\u00e9gociations devraient demeurer une importante source d\u2019incertitude.<\/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-en-detail\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-1cf025b181c3ca167b457c7757014451\">En d\u00e9tail\u00a0:<\/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\">Les exportations ont augment\u00e9 de 0,9&nbsp;% en valeur nominale. Les exportations d\u2019\u00e9nergie ont recul\u00e9 de 2&nbsp;%, car la croissance des prix du p\u00e9trole a ralenti apr\u00e8s avoir bondi au cours des mois pr\u00e9c\u00e9dents, en partie compens\u00e9e par celle des minerais m\u00e9talliques et des min\u00e9raux non m\u00e9talliques, qui ont bondi de 16,1&nbsp;% (avec en t\u00eate la flamb\u00e9e des exportations d\u2019aluminium), annulant les baisses des deux&nbsp;mois pr\u00e9c\u00e9dents.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Compte tenu de la volatilit\u00e9 persistante des prix des marchandises, les volumes donnent une meilleure indication de la demande sous-jacente. Si l\u2019on exclut les effets des prix, les volumes d\u2019exportations ont recul\u00e9 de 0,5&nbsp;% en mai, avec des gains pour les minerais m\u00e9talliques et les min\u00e9raux non m\u00e9talliques, ainsi que pour les biens de consommation, contrebalanc\u00e9s par la faiblesse dans la cat\u00e9gorie de l\u2019\u00e9nergie et par une forte baisse dans la composante a\u00e9ronautique (souvent volatile).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Les importations ont recul\u00e9 de 0,2&nbsp;% par rapport \u00e0 avril. Si l\u2019on exclut l\u2019effet des prix, les volumes ont perdu 0,8&nbsp;%. Les m\u00e9taux et les produits min\u00e9raux non m\u00e9talliques ont men\u00e9 la majeure partie du repli, en particulier la baisse des importations d\u2019or.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">En revanche, l\u2019augmentation des importations de produits chimiques industriels, de plastique et de produits du caoutchouc, de machinerie, de pi\u00e8ces et d\u2019\u00e9quipement industriels, ainsi que de biens de consommation, a neutralis\u00e9 cette hausse, confortant les signes que la demande int\u00e9rieure (d\u00e9penses des consommateurs et des entreprises canadiennes) est demeur\u00e9e relativement r\u00e9siliente pendant le choc des prix du p\u00e9trole de printemps.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">L\u2019exc\u00e9dent commercial du Canada avec les \u00c9tats-Unis s\u2019est chiffr\u00e9 \u00e0 11,6&nbsp;milliards de dollars en mai, contre 10,3&nbsp;milliards de dollars en avril. Les exportations vers les \u00c9tats-Unis ont augment\u00e9 de 1,5&nbsp;%, tandis que les importations ont recul\u00e9 de 1,4&nbsp;%.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Les \u00e9changes commerciaux avec les pays, en dehors des \u00c9tats-Unis, ont montr\u00e9 des replis continus, les exportations ayant recul\u00e9 de 0,3&nbsp;% par rapport \u00e0 avril (bien qu\u2019elles aient tout de m\u00eame augment\u00e9 de 21,2&nbsp;% sur 12&nbsp;mois) et les importations ayant augment\u00e9 de 1,5&nbsp;%.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Les donn\u00e9es am\u00e9ricaines pr\u00e9sent\u00e9es s\u00e9par\u00e9ment montrent que le taux tarifaire effectif moyen sur les biens canadiens a peu vari\u00e9, \u00e0 environ 3&nbsp;% en mai (comparativement \u00e0 3,2&nbsp;% en avril). La part des exportations passant la fronti\u00e8re en franchise de droits est demeur\u00e9e \u00e0 pr\u00e8s de 90&nbsp;%, en raison principalement des dispenses pour le commerce en franchise de droits en vertu de l\u2019ACEUM.<\/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<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a4ff8c014b3c&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a4ff8c014b3c\" 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\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Table-FR-Jul-3.png?quality=80\" alt=\"\" class=\"wp-image-6256\" srcset=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Table-FR-Jul-3.png 7954w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Table-FR-Jul-3.png?resize=216,300 216w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Table-FR-Jul-3.png?resize=768,1065 768w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Table-FR-Jul-3.png?resize=738,1024 738w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Table-FR-Jul-3.png?resize=1107,1536 1107w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Table-FR-Jul-3.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><strong>\u00c0 propos des auteurs :<\/strong><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><strong>Nathan Janzen<\/strong><em>\u00a0travaille \u00e0 RBC depuis 2008, o\u00f9 il s\u2019occupe principalement de la couverture des perspectives macro\u00e9conomiques du Canada et des \u00c9tats-Unis. Il est titulaire d\u2019une ma\u00eetrise en \u00e9conomie de l\u2019Universit\u00e9 McMaster et d\u2019un baccalaur\u00e9at en \u00e9conomie de l\u2019Universit\u00e9 de Regina.<\/em><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><em><em><em><strong>Abbey Xu<\/strong><em>\u00a0est \u00e9conomiste \u00e0 RBC. En tant que membre du groupe d\u2019analyse macro\u00e9conomique, elle se sp\u00e9cialise dans les mod\u00e8les de pr\u00e9visions macro\u00e9conomiques, et pr\u00e9sente des analyses et des mises \u00e0 jour opportunes sur les tendances \u00e9conomiques.<\/em><\/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\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":354,"featured_media":3628,"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":[71,83],"tags":[88,14],"rbc_econ_content_type":[],"class_list":["post-6245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse-pour-le-canada","category-rapports-de-donnees-provisoires","tag-canada","tag-economie"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>L\u2019exc\u00e9dent commercial du Canada s\u2019est encore \u00e9largi en mai - RBC Economique<\/title>\n<meta name=\"robots\" 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