• Canada's merchandise trade surplus with the world widened slightly from $3.7 billion in May to $3.9 billion in June largely due to a slightly weaker currency. This was the fourth consecutive monthly trade surplus, according to Statistics Canada.

• Total exports were up 0.4% in June to a record $77.5 billion. This represented a fifth consecutive monthly increase, with exports rising 22.8% over this period. In June, increases were observed in 6 of the 11 product sections. In real (or volume) terms, total exports were up 1.1%.

• Following a 4.6% increase in the first quarter of 2026, total exports rose 13.1% in the second quarter. This was the strongest quarterly increase in percentage terms since the third quarter of 2020.

• Almost half of the increase was due to higher exports of energy products, which rose in large part because of higher prices amid the conflict in the Middle East. Exports of motor vehicles and parts (+19.3%) also contributed to the overall quarterly increase. This marked a rebound following two consecutive quarterly decreases.

• In a separate release, StatsCan said that monthly international trade in services deficit remained essentially unchanged at $0.3 billion in June. International imports of services decreased 0.4% to $21.0 billion in June, and its exports of services edged down 0.2% to $20.8 billion.

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As per Reuters, Marc Ercolao, an economist at TD Economics, said the June data should reinforce the ​narrative that real GDP is expected to rebound following flat growth last quarter.

"Overall, I think that we should do quite well for the second half of the year," said Prince Owusu, senior economist at Export Development Canada.

Owusu said he saw the potential for Canada to ship more gold and autos in particular.

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