Canada recorded a goods trade surplus in September for the first time since January, driven by a sharp increase in exports and a decline in imports.

According to Statistics Canada, the goods trade balance shifted from a deficit of $6.4 billion in August to a surplus of $0.2 billion in September. Total goods exports rose by 6.3% to $64.2 billion, while imports fell by 4.1% to $64.1 billion.

Including services, Canada’s overall trade balance in September showed a surplus of $0.3 billion.

The surplus in international trade in services remained virtually unchanged from the previous month, staying at $0.2 billion. Service imports increased by 0.8% to $19.8 billion, while service exports grew by 0.7% to $20.0 billion.

The main driver of changes in the structure of service imports and exports was commercial services. Imports of commercial services rose by 2.4% to $11.6 billion, mainly due to higher financial services. This growth was partially offset by a 1.9% decrease in travel service imports to $4.9 billion and a 0.8% drop in transport service imports to $3.3 billion.

On the export side, commercial services also increased, up 0.9% to $12.2 billion. Exports of travel services rose by 0.7% to $5.8 billion, supported by higher spending from U.S. travelers in Canada. Exports of transport services remained nearly unchanged at $1.9 billion.

Despite the positive trend, Canadian trade still faces several challenges, including ongoing U.S. tariffs and the upcoming review of the CUSMA agreement. The recovery in the third quarter is partly linked to the fact that trade flows in the second quarter fell below the baseline trend due to the early introduction of tariffs in the first quarter. As a result, it is possible that export figures may weaken again during the fourth quarter before a more stable recovery begins in 2026.