Canada’s trade surplus in August exceeded expectations, with the surplus against the US reaching a 19-month high
智通财经2026/10/07 04:06(1) Statistics Canada reported that goods exports in August rose by 2.5% month-on-month to 77.9 billion Canadian dollars, reversing from a previous decline of 2.6%, while imports fell by 2% to 73.7 billion Canadian dollars. The trade surplus expanded to 4.2 billion Canadian dollars, much higher than market expectations of 1.55 billion Canadian dollars. The previous value was revised upward to 787 million Canadian dollars. (2) During the period, exports of energy products (including refined oil products and crude oil) increased by 4.7% to 19.03 billion Canadian dollars; excluding energy products, exports rose by 1.8%. (3) To avoid the newly imposed 50% US tariffs, Canadian exporters shipped goods to the US ahead of schedule. In August, Canada’s exports to the US rose by 8.1%, while imports fell by 2.5%. The trade surplus with the US reached 11.2 billion Canadian dollars, the highest in 19 months. (4) The new US tariffs on Canadian goods cover approximately 20 billion US dollars’ worth of products and took effect on August 22. Economists expect that the September data will more accurately reflect the impact of the new US tariffs.
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