Monthly trade report: June 2026

ISSN 2819-408X

Highlights

• Canada’s exports of goods and services increased 0.3% in June (see the m/m column in Table 1), supported primarily by higher exports of metal and non-metallic mineral products, particularly unwrought gold. The overall increase was moderated by lower exports of energy products, reflecting weaker energy prices.
• Imports of goods and services edged up 0.1% in June. A sharp increase in imports of electronic and electrical equipment, driven by imports of equipment used in data centres, was largely offset by declines across most other goods and services categories.
• Trade with the United States continued to strengthen in June. Exports to the U.S. rose 0.3%, marking a fifth consecutive monthly increase, while imports increased 3.0%, supported by higher imports of electronic and electrical equipment used in data centres.
• Goods exports to countries other than the United States increased 0.7%, mainly reflecting higher shipments of unwrought gold to the United Kingdom. Meanwhile, imports from non-U.S. markets declined 3.7%, led by lower imports from China, South Korea and Germany.
• In June, the increase in goods exports was driven by volumes, which rose 1.0%, while the increase in goods imports was due to higher prices (+1.7%).

Table 1: Canada’s trade performance – June 2026

Note: “m/m” is the change from the previous month; “YTD” is the year-to-date (January to recent month) cumulative change compared to the same period in the previous year.
Data: Statistics Canada. Balance of payments basis, seasonally adjusted (except year-to-date change)
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 continued to reach new highs in June, rising 0.4% from May to $77.5 billion. Increases were recorded in 6 of the 11 goods product categories The growth in June was led by exports of metal and non-metallic mineral products (+16.5%). Exports of unwrought gold, silver, platinum group metals and their alloys rose 27.9%, despite a decline in prices. as there were higher gold shipments to the United Kingdom and increased purchases of Canadian gold by foreign investors.

Exports of metal ores and non-metallic minerals increased 7.3%, supported by higher shipments to Japan, China, Finland and South Korea. Exports of motor vehicles and parts also rose 2.4%, with stronger exports of passenger vehicles and light trucks, which reached their highest level since March 2025. Partly offsetting these gains in goods was a 10.0% decline in energy product exports. Exports of crude oil fell 11.1%, while exports of refined petroleum products declined 16.9%, with both decreases largely attributable to lower prices.

Services exports edged down 0.2% in June. A 2.9% increase in transportation services exports was more than offset by declines of 0.5% in both commercial services and travel services exports.

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 0.2% in June to reach a new record high, despite declines in 9 of the 11 goods product categories.

The increase was driven almost entirely by electronic and electrical equipment and parts, which rose 11.7% from May. Within this category, imports of computers and computer peripherals surged 59.0% to a record high, reflecting a sharp increase in imports of processing units used in data centres from the United States. Partially offsetting these gains were declines in several large import categories. Imports of metal ores and non-metallic minerals fell 3.4%, largely due to a 27.2% decrease in copper ore imports. Imports of industrial machinery, equipment and parts declined 3.3%, reflecting lower imports of logging, construction, mining, and oil and gas field machinery and equipment (-7.6%), as well as other general-purpose machinery and equipment (‑4.9%).

Services imports decreased 0.4% in June. A 3.9% increase in commercial services imports, driven primarily by financial services, was more than offset by a 2.3% decline in travel services imports and a 10.6% decrease in transportation services imports, largely reflecting lower imports of marine freight transportation services.

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

Canada's goods trade with the United States increased 1.5% from May to June. Exports to the United States rose 0.3%, marking a fifth consecutive monthly increase, while imports advanced 3.0% to a record high, largely due to higher imports of computers and computer peripherals.

Following a record high in May, imports from countries other than the United States declined 3.7% in June, with lower imports from China, South Korea and Germany contributing most to the decrease. In contrast, exports to non-U.S. destinations increased 0.7%. Higher exports of unwrought gold to the United Kingdom more than offset lower exports of energy products and aluminum to the Netherlands.

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

The increase in goods exports in June was driven entirely by higher export volumes, which rose 1.0% and more than offset the 0.7% decline in export prices. The increase in export volumes was led by metal and non-metallic mineral products, which rose 9.8%. In contrast, the increase in goods imports reflected higher prices rather than stronger import demand, as import prices rose 1.7% while import volumes declined 1.4%.

In June, the Canadian dollar depreciated alongside with a decline in oil prices. Relative to May, the Canadian dollar depreciated 2.3% to 71.23 US cents, while the benchmark price for Western Canadian crude, Western Canada Select, declined 20.7% to US$65.90. Although oil prices have been volatile throughout the year—rising from US$47.22 in January to a peak of US$85.48 in April before retreating in June—the depreciation of the Canadian dollar in June was the largest since October 2022.

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

• The United States’ two recently announced tariff measures are expected to have different impacts on Canada. Section 301 tariffs imposed on July 24 maintain a CUSMA exemption for Canadian imports and are therefore expected to have limited direct effects. In contrast, Section 338 tariffs scheduled to take effect on August 19 could impose a 50% duty on certain Canadian products. While the overall impact on Canada’s GDP is expected to be modest, these measures could create sectoral pressures, particularly for plastics, electrical machinery, wood products, furniture, and paper manufacturing.
• Canada’s real GDP increased by 0.3% in May, supported in part by a 0.3% expansion in manufacturing—the sector’s third monthly increase in the past four months. The recovery in manufacturing will be closely watched given the sector’s significant exposure to U.S. demand: in 2024, the United States accounted for 42.4% of manufacturing output and supported 41.0% of manufacturing employment.
• The recent intensification of the conflict involving the United States and Iran has contributed to heightened uncertainty in oil markets and increased the risk of disruptions to energy supply and key shipping routes. A sustained increase in oil prices or further disruptions to maritime transport could raise freight and input costs, add to inflationary pressures, and weigh on global economic activity, with implications for Canadian trade through both energy exports and external demand.

Next release: September 3, 2026

Table 2: Trade by industry sector – June 2026

Note: “m/m %” is the change from the previous month; “YTD %” is the year-to-date (January 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 (except year-to-date change)
Source: Office of the Chief Economist, Global Affairs Canada

Table 3: Goods trade by main markets – June 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 (January 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 (except year-to-date change)
Source: Office of the Chief Economist, Global Affairs Canada