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Macro EconomyMedium•4 November 2026•
1 min read

Canada September Trade Surplus Beats Estimates at C$5.4 Billion

Key Facts

1Canada's merchandise trade surplus widened to C$5.4 billion in September, exceeding the C$4.1 billion estimate.
2The US international trade balance recorded a deficit of $105.0 billion in September, slightly better than the $108.0 billion expected.
3Canadian export volumes fell by 4.0% despite the nominal value rise supported by oil and gold prices.

Canada's merchandise trade surplus widened to C$5.4 billion in September, exceeding analyst estimates of C$4.1 billion. Reuters reported that the US international trade balance recorded a deficit of $105.0 billion during the same period, performing slightly better than the $108.0 billion deficit expected by markets.

Statistics Canada noted that export volumes fell by 4.0% despite a rise in nominal value, as energy and gold prices provided significant support. In the United States, exports reached $321.5 billion on November 4, 2026, while imports stood at $426.6 billion on the same date, contributing to a narrowing of the deficit from the previous reading of $105.6 billion.

The market is looking ahead to Canadian labor data scheduled for release on November 6, 2026, including the unemployment rate and employment change. These figures will provide the Bank of Canada with further clarity on economic activity following the underlying weakness in trade volumes.