Canada posted a trade surplus of C$4.24 billion in May of 2026, picking up from an upwardly revised C$3.41 billion surplus in the previous month and above market expectations of a C$2.9 billion to mark a third consecutive positive balance of trade. Exports rose by 0.9% to a record high of $77.1 billion, a fourth consecutive increase. Foreign sales surged 37% for non-metallic minerals as the war in the Middle East triggered a global supply crunch of sulphur and lifted prices for Canadian sales. Exports were also higher for aluminum and alloys (50.7%) and broader consumer goods (3.9%), offsetting a 2% decline in energy products as oil and gas prices eased. In the meantime, imports fell by 0.2% from the record high last month to $72.9 billion. The drop was solely due to a 33% slide in gold, silver, and platinum group metals. These were enough to offset higher foreign purchases elsewhere.