Canada's Q2 Current Account Surplus Hits 25-Year High on Oil Price Surge, More Than Doubling Estimate

08:56 AM EDT, 08/27/2026 (MT Newswires) -- Canada's seasonally adjusted current account swung to a C$8.8 billion surplus in the second quarter from a C$8.3 billion deficit in the prior quarter, marking its first surplus since the second quarter of 2022 and largest since the last quarter of 2005, according to the country's statistical agency on Thursday. The turnaround was driven by a sharp improvement in the goods trade balance, as exports surged. led by energy products, while imports rose more slowly, with gains broad based across most categories, wrote Statistics Canada in a statement. The second-quarter surplus was more than double the C$3.9 billion Bloomberg survey consensus surplus. Energy products drove second-quarter export growth, rising 27% as crude oil and bitumen exports reached a record C$44.8 billion amid higher prices and global supply uncertainty linked to the Iran conflict, lifting total energy exports to a record C$60.6 billion, added StatsCan. International investors increased their holdings of Canadian securities by C$100.6 billion in the second quarter, with investment in Canadian debt securities reaching a record C$110.2 billion, driven by record purchases of government bonds worth C$80.8 billion.