Canada’s trade picture strengthened again in June 2026, though the headline numbers came with an important currency effect.
International trade monthly interactive dashboard screenshot for June 2026/Credit: Statistics Canada
Merchandise exports rose 0.4% to a record $77.5 billion, while imports increased 0.2% to $73.6 billion. That pushed the goods surplus to $3.9 billion, up from $3.7 billion in May, marking a “fourth consecutive monthly trade surplus” according to Statistics Canada.
Gold, vehicles and computer equipment shaped much of the movement. At the same time, lower energy exports and a weaker Canadian dollar added nuance to the results, showing that the month’s gains were not evenly spread across sectors or trading partners.
Weaker Dollar Influences the Numbers: The Canadian dollar lost an average 1.7 US cents against May, its largest monthly decline since October 2022. Because many transactions are priced in US dollars, that depreciation lifted their reported Canadian-dollar value. Measured in US dollars instead, the picture changed: exports fell 2.0% and imports dropped 2.1%, highlighting how exchange rates influenced June’s headline growth figures for both flows.
Gold and Minerals Lead Export Gains: Metal and non-metallic mineral exports climbed 16.5%, led by a 27.9% jump in unwrought gold, silver, platinum group metals and alloys. Stronger gold shipments to the United Kingdom and foreign purchases of Canadian-held gold drove the increase. Copper ore and concentrate exports also reached a record $934 million after higher shipments to Japan, China, Finland and South Korea in June.
Vehicles Rise as Energy Exports Fall: Motor vehicle and parts exports increased 2.4%, extending their recovery to five months. Passenger cars and light trucks rose 4.5% to their highest level since March 2025, alongside stronger Canadian production. Energy exports moved the other way, falling 10.0%. Crude oil exports dropped 11.1%, while refined petroleum energy products declined 16.9%, largely because of lower prices across the June period.
Computers Push Imports to a Record: Imports reached a record $73.6 billion even though nine of 11 product sections declined. Electronic and electrical equipment and parts rose 11.7%, offsetting those losses. Computer and peripheral imports surged 59.0% to a record, driven mainly by US processing units used in data centres. Without that broader electronics category, total imports would have fallen 1.3% during June overall that month.
Imports From the United States Rise to a Record: Imports from the United States rose 3.0% to a record, while exports there increased 0.3%. Canada’s US trade surplus consequently narrowed from $11.1 billion to $10.0 billion. Imports from other countries fell 3.7%, led by China, South Korea and Germany. With non-US exports up 0.7%, that trade deficit shrank from $7.4 billion to $6.1 billion during the month as well.
Quarterly Exports Outpace Imports: Exports rose 13.1% in the second quarter, the strongest percentage gain since the third quarter of 2020, while imports increased 4.2%. In June, service exports slipped 0.2% to $20.8 billion, and service imports fell 0.4% to $21.0 billion. Combining goods and services, Canada recorded a $3.6 billion surplus, compared with $3.4 billion in May over the same one-month reporting period.