Canada posted a trade surplus for the second consecutive month in April, driven primarily by higher prices for oil and energy.

The $2.7-billion surplus was the largest since January 2025 and followed a $1.8-billion trade surplus in March — the first since September 2025 — and a $5.1-billion trade deficit in February.

The data, published by Statistics Canada on Tuesday, showed total exports rose 1.6 per cent to reach a record high of $75.2 billion in April.

In real or volume terms, total exports were up three per cent, the third consecutive monthly increase.

The increase was driven by energy exports, which rose by 9.7 per cent, following a 23.4 per cent surge in March, mainly due to rising prices caused by the war in Iran. Crude oil contributed the most to this category, along with exports of refined petroleum energy products.

Exports of farm, fishing and agriculture products also increased by 8.9 per cent in April, reaching their highest levels since January 2025. Exports of wheat rose the most, boosted by higher shipments to China. Intermediate food products also contributed to the gain because of higher exports of crude canola oil to the United States.

Several other products also helped push up exports, including passenger cars and light trucks, which StatCan said is associated with a rise in auto production in Canada.

“With improving exports volumes in April, Q2 trade data point to a reversal in trade dynamics, suggesting net trade is poised to shift from a material drag in Q1 to a modest tailwind in Q2,” wrote Marc Ercolao, economist at Toronto Dominion Economics, in a note.

“That said, with flows still heavily influenced by volatile components (notably oil, gold and autos), trade contributions are likely to remain choppy through the remainder of the year.”

Exports of metal and non-metallic mineral products fell 17.5 per cent in April, with gold, silver and platinum exports dropping 25.5 per cent after sharp increases in February and March. The retreat was mainly due to lower shipments of gold to the United Kingdom.

Total imports also edged up by 0.3 per cent in April to reach a record of $72.4 billion, after falling 1.6 per cent in March. Imports of industrial chemical, plastic and rubber products gained the most, along with electronic and electrical equipment and parts.

Those gains were offset by a 12.9 per cent decline in imports of metal and non-metallic mineral products, mainly driven by gold, silver and platinum imports. The decrease was attributed to a drop in gold prices and lower purchases of gold, according to StatCan.

The rise in export volumes is positive news for Canada’s gross domestic product , especially since StatCan’s flash GDP estimate suggests the economy grew by 0.4 per cent in April, said CIBC Capital Markets senior economist Andrew Grantham.

Canada’s trade surplus with the U.S. widened by 4.8 per cent to $9.5 billion in April, due to higher exports of crude oil, passenger cars and light trucks.

But Grantham said the uncertainty surrounding U.S. tariffs and the Canada-U.S.-Mexico Agreement (CUSMA) renegotiation may impact economic growth going forward.

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“Recent trade data suggest that Canadian exports have largely recovered back to pre-2025 levels, albeit still with some weakness in sectors hit hardest by U.S. tariffs,” he wrote in a note on Tuesday.

“However, with tariff uncertainty remaining as CUSMA renegotiations drag on, further upward momentum will likely be limited in the near-term. While net trade will likely be a solid contributor to (second-quarter) GDP, that may not continue into the second half of the year if trade uncertainty persists.”

• Email: ptran@postmedia.com