Canada’s aluminium exports jump 50.7% as trade surplus reaches four-year high

Canada’s merchandise trade surplus expanded to CAD 4.2 billion in May 2026, its strongest level in four years, as a sharp rise in unwrought aluminium and aluminium alloy exports helped lift the country’s overall outbound trade to a record high.

According to the latest data from Statistics Canada, the trade surplus widened from CAD 3.4 billion in April, marking the country’s third consecutive month in positive territory. Total merchandise exports increased 0.9 per cent month-on-month to a record CAD 77.1 billion, while imports edged 0.2 per cent lower to CAD 72.9 billion.

For the aluminium industry, May brought a particularly strong increase in overseas shipments. Exports of unwrought aluminium and aluminium alloys surged 50.7 per cent during the month, making the category the largest contributor to growth within the metal and non-metallic mineral products segment.

The value of these aluminium exports reached CAD 1.2 billion in May, the highest level recorded since the all-time peak registered in May 2022. The Netherlands, Italy and Greece were the principal destinations behind the monthly increase in Canadian aluminium shipments.

Overall exports of metal and non-metallic mineral products rose 1.5 per cent during May, despite a 4.1 per cent decline in shipments of unwrought gold, silver, platinum group metals and their alloys.

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Export growth extends to a fourth month

Canada’s total merchandise exports increased for a fourth consecutive month in May. Over the four-month period, the value of exports climbed 22.2 per cent, while seven of the 11 major product sections recorded monthly growth.

When energy products were excluded, exports increased 2 per cent in May. In volume terms, however, total exports were broadly unchanged from the previous month.

Metal ores and non-metallic minerals recorded the largest percentage increase among the major export categories, rising 16.1 per cent. Within the segment, exports of diamonds and other non-metallic minerals increased 37 per cent, supported largely by higher sulphur shipments.

Exports of other metal ores and concentrates more than doubled during May, with new shipments of gold ores and concentrates to China contributing to the increase.

Beyond minerals and metals, Canada also recorded higher exports of consumer goods, which rose 3.9 per cent; basic and industrial chemical, plastic and rubber products, up 5.6 per cent; and farm, fishing and intermediate food products, which increased 2.4 per cent.

The broader export increase was partly moderated by a 2 per cent decline in energy product shipments. Crude oil exports fell 5.4 per cent because of lower volumes, following a strong increase in energy exports between February and April.

Other energy categories moved in the opposite direction. Nuclear fuel exports rose 55.1 per cent, natural gas shipments increased 7.4 per cent and exports of refined petroleum energy products grew 4.6 per cent.

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Imports slip as metal-related purchases decline

Canada’s merchandise imports edged down 0.2 per cent in May after reaching a record level in April. The decline came despite increases across nine of the 11 product sections, as a sharp fall in metal and non-metallic mineral product imports outweighed gains elsewhere.

Imports of metal and non-metallic mineral products fell 18.2 per cent for the month. Within the category, imports of unwrought gold, silver, platinum group metals and their alloys declined 33 per cent.

Purchases of basic and semi-finished iron and steel products dropped 22.7 per cent to their lowest level since December 2020. Metal waste and scrap imports decreased 20 per cent, while imports of basic and semi-finished non-ferrous metal products and non-ferrous metal alloys fell 21.2 per cent.

Meanwhile, consumer goods imports increased 3.5 per cent, supported by higher purchases of miscellaneous goods and supplies, including batteries and battery chargers from China. Imports of pharmaceutical and medicinal products also increased 6.4 per cent.

Trade surplus with the US widens to CAD 11.6 billion

Exports from Canada to the United States increased 1.5 per cent in May, extending their growth streak to four consecutive months. At the same time, imports from the US declined 1.4 per cent.

As a result, Canada’s merchandise trade surplus with its largest trading partner widened from CAD 10.3 billion in April to CAD 11.6 billion in May, the highest level since the record registered in January 2025.

Trade with markets outside the US followed a different pattern. Canadian exports to non-US destinations slipped 0.3 per cent after falling 4 per cent in April, while imports from those countries increased 1.5 per cent.

Higher shipments to the Netherlands, including aluminium and nuclear fuel, partially offset lower exports of unwrought gold to the United Kingdom. Canada’s merchandise trade deficit with countries other than the United States consequently widened from CAD 6.9 billion in April to CAD 7.4 billion in May.

When goods and services trade were combined, Canadian exports increased 0.9 per cent to CAD 97.9 billion in May, while imports rose 0.3 per cent to CAD 94.1 billion. The country’s overall trade surplus consequently expanded from CAD 3.2 billion in April to CAD 3.8 billion in May.