Canada Scores Record Trade Surplus on High Oil

Canada posted a surprise $1.78 billion merchandise trade surplus in March, driven by a near‑20% surge in crude prices and strong metals (notably unwrought gold) exports. Total exports rose 8.5% to $72.8 billion while imports fell 1.6% to $71.0 billion, lifting the Canada–U.S. surplus to $7.1 billion. Economists warn volume export growth was weak (‑0.3% in volume terms), suggesting the surplus is price‑driven and may unwind if oil and gold correct. Lower oil and gold prices and fading geopolitical risk could narrow the surplus and weigh on the Canadian dollar; conversely, elevated commodity prices have supported Canada’s trade position. The story also notes tariff dynamics with the U.S. and Fed policy repricing amid inflation risks, which influence currency and commodity markets.