Canada's Trade Just Hit a Record. Here's What It Means for Your Industry.
In May 2026, Canada sold more to the world than ever before. We break down where the demand is, who should care, and what to watch next.
Exports of goods, May 2026
$77.1B
▲ 0.9% from April · new record
Revised August 2026
Statistics Canada's June release revised the May figures reported here: exports from $77.1B to $77.2B, imports from $72.9B to $73.5B, and the merchandise trade surplus down from $4.2B to $3.7B. June exports have since reached $77.5B, so May no longer holds the record this brief describes. The figures below are left as first published, and as May was reported at the time.
The 30-second version
In May 2026, Canada sold more to the world than ever before. Merchandise exports rose to a record $77.1 billion (up 0.9% from April), while imports edged down 0.2% to $72.9 billion. The gap between the two, Canada's merchandise trade surplus, widened to $4.2 billion, up from $3.4 billion in April. That is the third straight month in surplus, and exports have now climbed for four consecutive months, rising 22.2% over that stretch.
Translation for business owners: Canadian goods are in demand, the export engine is running hot, and the balance of trade is tilting in Canada's favour, with the United States and, more recently, in select overseas markets.
The numbers at a glance
May 2026, in six figures
Exports of goods
$77.1B
▲ 0.9% · record
Imports of goods
$72.9B
▼ 0.2%
Goods trade balance
+$4.2B
surplus, up from +$3.4B
Exports excluding energy
▲ 2.0%
monthly change
Surplus with the U.S.
+$11.6B
up from +$10.3B
Deficit with rest of world
−$7.4B
from −$6.9B
Source: Statistics Canada, Table 12-10-0011-01.
Exports vs. imports of goods
Billions of dollars, seasonally adjusted. April figures reflect StatCan's revised values.
Source: Statistics Canada, Table 12-10-0011-01.
What's driving the record
The export record, sector by sector
Exports rose in 7 of 11 product sections. Here is where the movement was, and who should care.
Mining and minerals, the standout
Exports of metal ores and non-metallic minerals jumped 16.1%, the largest gain of any section. Within that, diamonds and other non-metallic minerals rose 37.0%, driven mainly by higher sulphur exports, a move tied to constrained global supply as shipments through the Strait of Hormuz slowed following conflict in the Middle East. Exports of other metal ores and concentrates more than doubled, largely on new shipments of gold ores to China.
Aluminum and metal products
Metal and non-metallic mineral products rose 1.5%. The headline here: unwrought aluminum and aluminum alloys surged 50.7% to $1.2 billion, the highest value since May 2022, on stronger demand from the Netherlands, Italy and Greece. If you are in metals, casting, or downstream manufacturing, this signals real pull from European buyers.
Consumer goods, chemicals and food
Consumer goods (+3.9%), chemicals, plastics and rubber (+5.6%), and food (+2.4%) all posted broad-based gains. Together they point to healthy demand for Canadian-made finished and intermediate products, relevant for manufacturers, food processors, and industrial suppliers alike.
Where exports moved, by product section
Monthly change in export value, May 2026 vs. April 2026, seasonally adjusted.
Source: Statistics Canada, Table 12-10-0011-01. Selected product sections.
Energy, the drag, but with nuance
Energy exports fell 2.0%, mostly on crude oil (−5.4%) due to lower volumes. But note the context: energy had jumped 43.1% from February to April on rising crude prices, so this is a pullback from a high, not a collapse. Meanwhile nuclear fuel rose 55.1%, natural gas 7.4%, and refined petroleum 4.6%, a reminder that "energy" is not one story.
"Energy" is not one story
Monthly change in export value by energy product, May 2026 vs. April 2026.
Source: Statistics Canada, Table 12-10-0011-01.
A note on precision: StatCan estimates crude oil exports for the most recent month, and those estimates can be revised significantly when prices are volatile. Read energy figures as provisional.
The import side
Where Canada is buying
Imports slipped 0.2%, but that headline hides real strength: imports rose in 9 of 11 sections. The entire decline came from one place, metal and non-metallic mineral products fell 18.2%, mostly lower unwrought gold, silver and platinum products (−33.0%, mainly lower gold purchases from non-residents) and weaker iron and steel imports (−22.7%, the lowest since December 2020). Strip out that one section, and imports actually rose 1.9%.
Where Canadian businesses were buying more:
- +3.5%Consumer goods, led by batteries and battery chargers from China.
- +6.4%Pharmaceutical and medicinal products, on higher imports from Germany, the U.S., and Spain.
- +2.8%Industrial machinery, equipment and parts.
- +5.7%Aircraft and other transportation equipment.
- +1.2%Motor vehicles and parts.
For supply-chain and procurement teams: rising machinery and equipment imports often signal businesses investing in capacity. That is a forward-looking demand signal worth watching.
Trading partners
The U.S. vs. the rest of the world
With the United States, exports rose 1.5% (a fourth straight monthly gain) while imports fell 1.4%. Canada's surplus with the U.S. widened to $11.6 billion, the largest since the record high in January 2025.
With everyone else, the picture is more mixed. Exports to non-U.S. markets slipped 0.3%, dragged by lower unwrought gold shipments to the U.K., but offset by gains to the Netherlands (aluminum, nuclear fuel) and Switzerland (gold). Imports from non-U.S. countries rose 1.5%, led by cars from South Korea and various goods from China. The net result: Canada's deficit with the rest of the world widened to $7.4 billion.
How the $4.2B surplus splits by region
Goods trade balance, May 2026, billions of dollars, seasonally adjusted. A large U.S. surplus offsets the deficit with all other countries.
Source: Statistics Canada, Table 12-10-0011-01.
The takeaway for Canadian businesses: the U.S. remains Canada's anchor market and it is strengthening, but overseas diversification is showing up in specific, identifiable lanes (European metals and nuclear fuel, Asian gold ore). Those are openings, not abstractions.
Beyond goods
Don't forget services
When you add services to goods, total exports rose 0.9% to $97.9 billion and total imports edged up 0.3% to $94.1 billion in May. Service exports were up 0.9% to $20.8 billion; service imports rose 2.0% to $21.2 billion. Canada's total trade surplus with the world (goods and services) grew to $3.8 billion, from $3.2 billion in April.
Total trade with the world, goods plus services
May 2026, billions of dollars, seasonally adjusted.
Source: Statistics Canada, Table 12-10-0011-01.
The bottom line
What TWC readers should take from this
This is data, not a forecast, so treat these as considerations, not guarantees.
Demand for Canadian goods is real and broad.
Seven of eleven export sections grew. If you produce, process, or supply physical goods, the external environment is favourable.
The U.S. corridor is deepening.
A record-adjacent surplus means American demand is a reliable foundation, worth defending and expanding.
Europe is quietly pulling.
Aluminum to the Netherlands, Italy and Greece, and nuclear fuel to the Netherlands, are concrete diversification signals for the right sectors.
Rising machinery and equipment imports hint at investment.
Businesses buying capacity today are often the customers scaling tomorrow.
Read energy and gold figures with care.
Both are volatile and subject to revision. April's export figure was revised up by $1.2B once actual crude data replaced estimates.
Sources & method
How this brief was built
- Primary source: Statistics Canada, The Daily, "Canadian international merchandise trade, May 2026," released July 7, 2026. www150.statcan.gc.ca
- Underlying data table: StatCan Table 12-10-0011-01. Figures are seasonally adjusted, current dollars, balance-of-payments basis.
- Revisions: April imports revised from $72.4B to $73.0B; April exports from $75.2B to $76.4B.
- Next release: June 2026 trade data on August 4, 2026.
Every figure in this brief is drawn directly from the StatCan release linked above. Nothing has been estimated or extrapolated beyond what Statistics Canada published.