Canada’s goods trade surplus narrows to $769 million in July

Canada’s merchandise trade surplus fell to $769 million in July from $4.2 billion in June, Statistics Canada reported on September 3.

Goods exports declined 2.3% to $76.1 billion, while imports rose 2.2% to $75.4 billion. It was still the fifth consecutive monthly surplus.

Energy products and metal and non-metallic mineral products were the main contributors to the export decline. Imports of vehicles and parts increased sharply.

The destinations of Canadian exports also shifted. Sales to the United States fell 6.6%, while exports to other countries rose 7.4% to a record $25.6 billion.

The release covers trade in goods. It should not be read as a complete measure of trade in services or of the wider economy.

Export values can change because of both prices and quantities. Statistics Canada separately reported that export volumes declined 1.5% in July.

Source: Statistics Canada — 2026-09-03.