Monthly trade report: April 2026

ISSN 2819-408X

Highlights

• In April, Canada’s goods and services exports increased by 1.0% (see column “m/m” in Table 1), with strong gains in energy products (driven by both prices and volumes) partly offset by a sharp decline in gold exports, and to a lesser extent, financial services.
• Meanwhile, goods and services imports increased 0.5%, driven mainly by imports in crude oil diluents from the U.S. used in our energy sector, while a decline in gold imports also tempered the overall increase.
• Canada’s goods trade with the U.S. strengthened in April, with exports rising for a third consecutive month (4.8%) and imports increasing by 1.6%. In contrast, total goods trade with non-U.S. markets declined by 3.0%, mainly reflecting lower exports of unwrought gold to the United Kingdom.
• The increase in goods exports and imports was driven by a rise in volumes, with export volumes jumping 3.0% and imports growing by 0.4%. Although energy prices spiked this month, overall prices for goods exports and imports declined.

Table 1: Canada’s trade performance – April 2026

Note: “m/m” is the change from the previous month; “YTD” is the year-to-date (February to recent month) cumulative change compared to the same period in the previous year.
Data: Statistics Canada. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada.

Figure 1: Canada’s monthly trade performance

Data: Statistics Canada Tables 12-10-0011-01 and 12-10-0144-01. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada.

Industry view - exports

Goods exports rose by 1.6% in April to a record $75.2 billion, following a strong 10.1% increase in March. Energy products led the gains, up 9.7% after a surge the previous month (23.4%) with crude oil exports accounting for most of the growth. The energy products increase was supported in part by higher oil prices (up 5.5%) linked to tensions in the Middle East. Separately, energy export volumes surged 6.4%, but it remains to be determined the extent to which this was driven by the Middle East conflict.

Aircraft and other transportation equipment and parts rose significantly in April by 13.8%, while industrial machinery, equipment and parts increased by 9.6%. Exports of food products increased by 8.9%, reaching their highest level since January 2025. Wheat exports led the gains in April (31.9%), supported by higher shipments to China, while intermediate food products (18.3%), particularly canola oil to the U.S., also contributed to growth. In addition, exports of motor vehicles and parts rose by 5.9% to their highest monthly level since July 2025, reflecting stronger auto production in Canada.

This gain was partly offset by a $2.7 billion decline in exports of metal and non-metallic mineral products, largely driven by a 25.5% drop in unwrought gold, silver, and platinum group metals and their alloys. This decrease was mainly attributable to lower shipments to the United Kingdom, following 2 strong months of increases. Within this category, aluminum exports also declined for a second consecutive month, falling by 5.2% in April, while unwrought iron, steel and ferro-alloys exports increased by 12.6% and basic and semi-finished iron or steel products remained unchanged. Total services exports declined by 0.9% in April, with decreases in 2 of the 4 sectors. The overall contraction was primarily driven by a 1.3% drop in commercial services, the first since November 2025, largely reflecting lower financial services exports. Transportation services also fell by 2.4%, while travel services edged up slightly (0.4%).

Figure 2: Exports by industry and sector (monthly % change)

Note: Metal & non-metallic mineral products include intermediate or semi-finished products, while metal ores & non-metallic minerals include raw ores and minerals (e.g., iron ore, potash, stone).
Data: Statistics Canada Tables 12-10-0163-01 and 12-10-0144-01. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada

Industry view - imports

Goods imports increased slightly by 0.3% in April, following a decline in March, to reach $72.4 billion. The gains were led by basic and industrial chemical, plastic and rubber products, which rose by 16.9%, driven by higher prices and increased imports of crude oil diluents from the U.S. Imports of electronic and electrical equipment and parts rose by 4.2%, driven by record-high imports of computers and peripherals, particularly processing units used in data centres, largely sourced from Ireland.

On the other hand, a $1.1 billion decline (-12.9%) in imports of metal and non-metallic mineral products partly offset these gains. This decrease was largely driven by a 27.5% drop in imports of unwrought gold, silver, and platinum group metals and their alloys, following 2 strong months of growth, reflecting lower gold prices (-7.5%) and volumes (-21.7%). Imports of metal ores and non-metallic minerals also fell sharply (-11.2%), mainly due to declines in nickel, copper, and other metal ores and concentrates.

Services imports increased by 1.1% in April, driven by a 4.3% rise in travel services following 4 consecutive monthly declines. Imports of commercial services, the largest category, rose by 0.5%, while transportation and government services both declined.

Figure 3: Imports by industry and sector (monthly % change)

Note: Metal & non-metallic mineral products include intermediate or semi-finished products, while metal ores & non-metallic minerals include raw ores and minerals (e.g., iron ore, potash, stone).
Data: Statistics Canada Tables 12-10-0163-01 and 12-10-0144-01. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada.

Global markets

After two consecutive months of growth above 5%, goods exports to the U.S. rose again in April by 4.8%, reach their highest level since February 2025. The gain was driven mainly by crude oil, as well as passenger cars and light trucks. Imports from the U.S. also edged up by 1.6%.

Goods exports to non-U.S. markets declined by 4.8% in April, following a record high in March. The decrease was mainly driven by lower gold shipments to the United Kingdom, as well as reduced exports to the European Union, particularly Germany (various products). In contrast, exports to China (various products) reached a record high.

Goods imports from non-U.S. markets declined for a second consecutive month in April (-1.5%), driven mainly by lower imports from China (machinery), Germany (various products), as well as Switzerland, Brazil, and South Korea. In contrast, imports from Mexico rose notably, largely due to unwrought gold and gold doré.

Figure 4: Goods trade by main markets (monthly % change)

Data: Statistics Canada Table 12-10-0011-01. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada.

Prices and volumes

April’s increase in both goods exports and imports was driven by higher volumes overall. In volume terms, goods exports rose 3.0%, marking a third consecutive monthly increase, while goods import volumes increased more modestly, up 0.4% from March.

At the same time, prices declined for both goods exports and imports. Goods export prices fell 1.4% overall, primarily due to a steep 5.3% decline in metal and non-metallic product prices. This included a decline in the price of nickel (-4.1%), copper (-3.6%) and gold (-2.3%) exports.

Despite this overall decline in prices, oil prices surged amid uncertainty surrounding the conflict in Iran. Western Canada Select—the benchmark price for western Canadian crude oil—continued its sharp climb, up nearly US$10 over the previous month to reach US$85.48 in April.

Meanwhile, the value of the Canadian dollar fell modestly from 72.90 U.S. dollars to 72.72 U.S. dollars. This is the second consecutive monthly decline (-0.2%) following a period of steady appreciation over the winter months.

Figure 5: Goods trade (monthly % change in volume and price indices)

Data: Statistics Canada Table 12-10-0168-01. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada.

Figure 6: Exchange rate & oil prices

Data: Bank of Canada, Government of Alberta.
Source: Office of the Chief Economist, Global Affairs Canada.

What to watch

• In Q1 2026, Canada’s real GDP edged down 0.1% (annualized), below the Bank of Canada’s 1.5% forecast, following a 1.0% drop in Q4 2025—meeting the technical definition of a recession. However, most economists are not concerned, as Statistics Canada reported that consumer spending remained resilient in Q1, and the decline was largely driven by a pullback in federal defence purchases after earlier surges.
• There was a strong upside surprise in the May Canadian labour market, with employment rising by 88k and the unemployment rate falling to 6.6%. This improvement is encouraging following the weak start to the year, although it marks only the second monthly employment gain in 2026.
• In late May, a landmark agreement between Ksi Lisims LNG and Germany’s SEFE was reached to supply low‑carbon Canadian liquefied natural gas (LNG) to Europe, marking the first long-term deal of its kind. The contract covers one million tonnes annually for up to 20 years, with shipments anticipated to start in the early 2030s, which will contribute to trade diversification.
• According to the WTO Trade Barometer released June 5, global merchandise trade is above trend and has remained resilient in the first half of 2026, despite pressures from the ongoing Middle East conflict, partly supported by stronger demand for AI-related electronic components.

Next release: July 7, 2026.

Table 2: Trade by industry sector – April 2026

Note: “m/m %” is the change from the previous month; “YTD %” is the year-to-date (February to recent month) cumulative change compared to the same period in the previous year.
Data: Statistics Canada Tables 12-10-0163-01 and 12-10-0144-01. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada

Table 3: Goods trade by main markets – April 2026

Notes: The Indo-Pacific region total includes only the 9 markets for which data are available. “m/m %” is the change from the previous month; “YTD %” is the year-to-date (February to recent month) cumulative change compared to the same period in the previous year.
Data: Statistics Canada Table 12-10-0011-01. Balance of payments basis, seasonally adjusted.
Source: Office of the Chief Economist, Global Affairs Canada