(Ottawa, Canada) – Canada’s merchandise trade surplus reached $5.35 billion in September, its largest since May 2022, but falling export volumes and weakness outside major commodity categories tempered the stronger headline.

Statistics Canada’s figures, released Wednesday, November 4, showed the surplus widening from an upwardly revised $4.95 billion in August, according to Reuters. Economists surveyed by the news agency had expected a $4.10-billion surplus.

The new release measures September trade, not activity following Tuesday’s U.S. midterm elections. It provides a fresh reading of Canadian exporters’ performance amid American tariff pressures.

Exports increased 0.2 per cent to a record $78.6 billion, while imports declined 0.3 per cent to $73.2 billion, Trading Economics reported. The modest overall export gain concealed sharply different results across product groups.

Exports of metal and non-metallic mineral products climbed 8.6 per cent. Reuters reported that unwrought gold exports surged 16.8 per cent and made the largest contribution to the monthly increase. Energy exports rose 8.2 per cent, with higher prices supporting the value of shipments.

Outside those two broad product sections, however, exports fell 5.6 per cent, according to Trading Economics. Reuters reported that total export volumes dropped four per cent. Together, those figures show why a larger dollar surplus should not be read as evidence of broadly rising shipments.

The United States remained central to the result. Exports to the American market increased 0.7 per cent, and Canada’s bilateral goods surplus widened to $12.3 billion from $12.1 billion in August, Reuters reported. Exports to countries other than the United States fell 1.1 per cent.

Imports also showed uneven demand. Purchases of motor vehicles and parts fell 9.1 per cent, while consumer-goods imports declined 2.9 per cent. A 10.3 per cent increase in electronic and electrical equipment and parts partly offset those decreases, Trading Economics reported.

The September report therefore presents a split picture: stronger commodity receipts lifted Canada’s overall goods balance, while lower export volumes and declines elsewhere pointed to continuing pressure beneath the record export value.

Accompanying image: editorial illustration.

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