November 5 analysis of Statistics Canada's November 4 release for the September 2026 reference period.
A wider September surplus
Statistics Canada's latest merchandise-trade report puts Canada's global goods surplus at C$5.4 billion in September 2026, up from a revised C$5.0 billion in August. Exports rose 0.2% to C$78.6 billion, while imports fell 0.3% to C$73.2 billion. The report was released November 4; the data refer to September activity, not a claim that a new monthly total was measured on November 5.
Oil and gold explain much of the gain
Energy exports increased 8.2%, with crude oil, bitumen and natural gas contributing, while metal and nonmetallic mineral exports rose 8.6%. Gold and similar unwrought-metal exports increased 16.8%. Yet eight of eleven major export categories declined, and exports excluding energy and metals fell 5.6%. That distinction matters when evaluating the effect of U.S. tariffs and global manufacturing demand.
Trade ties and revisions
Exports to the U.S. increased 0.7%, and the Canadian merchandise surplus with that market reached C$12.3 billion. Vehicle and parts imports fell sharply, while data-centre-related computing imports helped electronics imports rise. Statistics Canada revises earlier estimates when additional information arrives. Canada's federal budget is scheduled later today, but its contents must not be treated as enacted until published.
Sources & transparency
Statistics Canada, Canadian international merchandise trade September 2026Original CDN News coverage. Sources are linked for reference.
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