April’s trade surplus of $2.7B edged past estimates, growing over last month…

… on the back of a 1.6% lift in exports, driven mainly by energy products - which were up 10% sequentially…

… thanks to another month of elevated crude oil prices.

That led to a third straight gain in exports south of the border, which are now on par with pre-tariff levels - offsetting a near-20% decline in Europe and the UK…

… with help from China, which has increased its purchasing activity since the truce on canola and was the main beneficiary of the 31% M/M rise in wheat exports.

While movement in imports was muted (up 0.3%), there were a couple of notable items - including a near-50% increase in refinery products…

… and continued momentum in computers and peripherals, where data center demand has driven a 25% YTD gain versus 2025.

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