In June, Canada's merchandise exports increased 0.4%, while imports edged up 0.2%. As a result, Canada's merchandise trade surplus with the world widened slightly from $3.7 billion in May to $3.9 billion in June. This was the fourth consecutive monthly trade surplus, according to a report released Tuesday by Statistics Canada.
A large proportion of import and export transactions are completed in US dollars and must be converted to Canadian dollars to compile monthly trade statistics. All other things being equal, when the Canadian dollar depreciates against the US dollar, monthly trade values expressed in Canadian dollars are higher, said the federal agency.
In June, the average value of the Canadian dollar decreased by 1.7 cents US compared with May. This was the largest monthly decrease since October 2022. When expressed in US dollars, Canadian exports decreased 2.0% in June 2026, while imports were down 2.1%, it added.
Higher exports of gold more than offset lower exports of energy products
Total exports were up 0.4% in June to a record $77.5 billion. This represented a fifth consecutive monthly increase, with exports rising 22.8% over this period. In June, increases were observed in six of the 11 product sections. In real (or volume) terms, total exports were up 1.1%, said Statistics Canada.
"Exports of metal and non-metallic mineral products increased 16.5% in June. Despite a fourth consecutive monthly decrease in prices, exports of unwrought gold, silver, and platinum group metals, and their alloys—a category largely composed of unwrought gold—increased 27.9% in June and contributed the most to the monthly gain. Higher shipments of gold to the United Kingdom, as well as higher purchases of Canadian-held gold by foreign residents, were behind the sharp increase in June. This increase was partially offset by lower exports of unwrought aluminum and aluminum alloys (-28.8%). This decline follows a rise of 50.4% observed in May that was the result of higher exports to the Netherlands, Italy and Greece.
"Following an increase of 15.1% in May, exports of metal ores and non-metallic minerals rose 7.3% in June. Exports of copper ores and concentrates were up 20.0% to reach a record $934 million. Higher exports to Japan, China, Finland and South Korea were behind the increase. Exports of diamonds and other non-metallic minerals (+8.9%), which rose for a sixth consecutive month, also contributed to the overall increase in the product section in June, mainly on higher exports of sulphur.
"Exports of motor vehicles and parts rose 2.4% in June. This was the fifth consecutive monthly increase since the sharp decline observed in January. Exports of passenger cars and light trucks (+4.5%) increased the most in June, reaching their highest level since March 2025. The recent rise in exports of passenger cars and light trucks was associated with increased auto production in Canada."
Higher shipments of computers and computer peripherals drive the increase in imports
Following a 0.6% increase in May, total imports edged up 0.2% to reach a record high of $73.6 billion in June. This increase occurred despite decreases observed in 9 of 11 product sections, as higher imports of electronic and electrical equipment and parts more than offset the other declines. Excluding this product section, imports were down 1.3% in June. Higher prices contributed to the monthly increase in total imports; in real (or volume) terms, total imports were down 1.5%, said Statistics Canada.
Imports from the United States set a record high in June
Imports from the United States rose 3.0%, reaching a record in June mainly on higher imports of computers and computer peripherals. Meanwhile, exports to the United States rose 0.3%, a fifth consecutive monthly increase. As a result, Canada's trade surplus with the United States narrowed from $11.1 billion in May to $10.0 billion in June, it noted.
Exports outpace imports in the second quarter
"Following a 4.6% increase in the first quarter of 2026, total exports rose 13.1% in the second quarter. This was the strongest quarterly increase in percentage terms since the third quarter of 2020. Almost half of the increase was due to higher exports of energy products, which rose in large part because of higher prices amid the conflict in the Middle East. Exports of motor vehicles and parts (+19.3%) also contributed to the overall quarterly increase. This marked a rebound following two consecutive quarterly decreases," explained Statistics Canada.
"Following a 5.7% increase in the first quarter of 2026, total imports rose 4.2% in the second quarter. Higher imports of basic and industrial chemical, plastic and rubber products (+20.5%), motor vehicles and parts (+7.9%), and electronic and electrical equipment and parts (+11.5%) were partially offset by lower imports of metal and non-metallic mineral products (-13.4%)."