Total merchandise exports grew 1.6 per cent over March to reach a record high of $75.2 billion, Statistics Canada reported Tuesday. That was driven by a seven per cent increase in exports of crude oil, which the agency linked to rising prices fuelled by the U.S.-Israeli war on Iran. (The Logic)

Talking point: Canada’s exports to the U.S. grew by 4.8 per cent in April—the third consecutive monthly increase. The agency attributed this to higher exports of crude oil, passenger cars and light trucks. Imports from the U.S. were up 1.6 per cent. Canada’s trade surplus with the U.S. widened to $9.5 billion in April—the largest surplus since February 2025, before President Donald Trump first slapped tariffs on Canadian goods. Meanwhile, exports to non-U.S. countries declined 4.8 per cent, mostly due to lower shipments of gold to the United Kingdom. Exports to China, however, reached a record $3.8 billion.