GLOBAL RESEARCH ARCHIVE
Canada Economics: Canada Trade: A Strong 2Q Rebound, but Not Yet a Full Normalization
Research evidence excerpt
M
Update
August 5, 2026 02:19 PM GMT
Canada Economics | North America
Morgan Stanley & Co. LLC
Arunima Sinha
Global Economist
Canada Trade: A Strong 2Q
Rebound, but Not Yet a Full
Normalization
Mayank Phadke, CFA
Economist
Exports rose sharply in 2Q, driven by the recovery from the tariff
shock, stronger energy receipts, FX translation and price effects.
Volumes have recovered from the post-tariff trough, but show
limited evidence of new underlying strength, while AI-linked
imports surged.
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