Latest Updates

• Canada International Trade: October 2025 (DELAYED) 2026-01-08 08:30

  

  Canada’s merchandise trade balance swung from a +$243M surplus in September to a -$583M deficit in October, as imports rose +3.4% MoM and exports increased +2.1% MoM amid gold-driven volatility.

  • Total imports rebounded +3.4% MoM after -4.3% in September, with gains in 8 of 11 product sections; in real terms, imports rose +2.6% MoM, indicating volume growth alongside higher nominal values.

  • Electronics and electrical equipment imports increased +10.2% MoM, led by computers and peripherals (+32.2%) to a record high, attributed mainly to higher processing-unit imports from Ireland; communication and audio/video equipment rose +5.1% on stronger smartphone imports from China and the US.

  • Metal and non-metallic mineral product imports rose +9.5% MoM after -27.9% in September, driven by unwrought gold, silver, and PGMs (+55.3%), with higher platinum and silver bullion imports from the US highlighted as key contributors.

  • Industrial machinery, equipment and parts imports increased +5.7% MoM, supported by logging, construction, mining and oil and gas machinery (+14.7%), parts of industrial machinery (+7.1%), and other general-purpose machinery (+5.6%).

  • Total exports rose +2.1% MoM after +6.7% in September, but declined in 6 of 11 product sections; excluding unwrought gold, silver, and PGMs, total exports fell -2.5% MoM, and in real terms total exports declined -0.4% MoM, suggesting prices did more of the lifting.

  • Metal and non-metallic mineral product exports surged +27.3% MoM (after +25.0% in September) to another record high, led by unwrought gold, silver, and PGMs (+47.4%) on higher gold exports to the UK; the category has more than doubled YoY, with volumes up nearly +40% YoY alongside higher prices.

  • Energy product exports fell -8.4% MoM, driven by crude oil and bitumen (-13.5%) on lower volumes and prices, with the volume decline linked to US refinery shutdowns in October and prices described as lower amid global oversupply.

  • The trade surplus with the US narrowed from $8.4B in September to $4.8B in October as imports from the US rose +5.3% and exports to the US fell -3.4%; exports to non-US markets jumped +15.6% to a record high (notably to the UK for gold and to China for crude oil), narrowing the non-US deficit from $8.1B to $5.4B, the smallest since January 2021.

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• Canada International Trade: September 2025 (DELAYED) 2025-12-11 08:30

  

  Canada’s merchandise trade balance swung from a -$6.4 billion deficit in August to a small +$153 million surplus in September, as exports jumped 6.3% MoM while imports fell -4.1%, marking one of the strongest opposing monthly shifts in recent years.

  • Exports rebounded 6.3% MoM after a -3.2% drop in August, the largest rise since February 2024; gains spanned 9 of 11 product sections and were led by metal and non-metallic mineral products (+22.7% MoM), driven by unwrought gold shipments (+30.2% MoM).

  • Excluding precious metals, exports still rose +4.5% MoM, pointing to broad-based strength; real export volumes increased +4.1% MoM.

  • Energy product exports rose 5.8% MoM, with crude oil up 5.8% MoM for a fifth consecutive monthly gain, helped by higher volumes and rising production.

  • Aircraft and transportation equipment exports surged 23.4% MoM, including a 72.3% increase in aircraft, reflecting stronger quarter-end deliveries, especially private jets to the US.

  • Imports declined -4.1% MoM, with metal and non-metallic mineral products down -27.8% MoM as unwrought gold imports plunged -72.5%, reversing August’s spike; excluding precious metals, imports fell -1.5% MoM, and real import volumes fell -3.3%.

  • Consumer goods imports fell -6.0% MoM, led by pharmaceuticals (-13.8%) after two months of gains, driven by lower shipments from Europe.

  • Trade with the US improved as exports to the US rose +4.6% MoM and imports fell -1.7% MoM, widening Canada’s surplus with the US to $8.6 billion, the largest since February 2025.

  • Exports to non-US markets surged +11.0% MoM (notably to Switzerland, Germany, and Singapore), while imports from non-US partners fell -7.3% MoM, narrowing the non-US deficit from a record -$12.4 billion to -$8.5 billion.

  • In Q3, exports rose +2.4% following a sharp drop in Q2, while imports fell -2.0%; in real terms, exports increased +0.8% and imports declined -2.6%, helping narrow the quarterly deficit to -$10.1 billion.

  • Including services, total exports rose +5.0% and imports fell -3.0%, producing a +$327 million overall trade surplus in September, compared with a -$6.3 billion deficit in August.

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• Canada International Trade: August 2025 2025-10-07 08:30

  

  Canada’s merchandise trade deficit widened to -$6.3 billion in August 2025 (from -$3.8 billion in July) as exports fell -3.0% MoM to $60.6 billion while imports rose +0.9% MoM, reflecting sharp movements in unwrought gold and weaker shipments of industrial and forestry products.

  • Exports declined for the first time since April, with 8 of 11 product sections down; in volume terms, exports fell -2.8%. Year-to-date exports remained +0.3% YoY, despite tariff volatility and large swings in metal shipments.

  • Metal and non-metallic mineral products plunged -7.6% MoM, led by unwrought gold, silver, and platinum group metals (-11.8%), marking a third straight decline but still +30% YTD YoY after record highs earlier in 2025.

  • Industrial machinery, equipment, and parts exports dropped -9.5% MoM after four months of gains, driven by steep declines in commercial and service machinery (-26.1%) and other manufacturing machinery (-16.0%).

  • Forestry products and building materials fell -10.1% MoM, with lumber (-25.4%) at its lowest since May 2020 following new U.S. anti-dumping and countervailing duties.

  • Imports rose +0.9% MoM (-0.3% real) on a surge in metal and non-metallic mineral products (+24.2%), driven by a more than fourfold jump in unwrought gold imports from South Africa and Switzerland. Excluding this category, imports fell -1.0%.

  • Consumer goods imports increased +2.3% MoM, led by pharmaceuticals (+24.6%) from Switzerland and Belgium. Energy product imports fell -12.8%, mainly due to a -26.1% drop in U.S. crude oil shipments.

  • Exports to the U.S. fell -3.4% MoM while imports -1.4% MoM, narrowing Canada’s U.S. surplus to $6.4 billion; exports to non-U.S. markets fell -2.0% while imports +4.2% to a record, widening the non-U.S. deficit to C$12.8 billion.

  • Including services, total exports fell -2.3% and imports +0.7%, bringing Canada’s overall trade deficit to -$6.0 billion in August.

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• Canada International Trade: July 2025 2025-09-04 08:30

  

  Canada’s merchandise trade deficit narrowed to -$4.9 billion in July 2025 (from -$6.0 billion in June), as exports rose +0.9% MoM while imports fell -0.7% MoM.

  • Energy exports increased +4.2% MoM, led by crude oil (+2.3%), nuclear fuel (+49.7%), and coal (+28.6%), marking the first gain after five months of declines.

  • Motor vehicles and parts exports rose +6.6% MoM, driven by a +10.8% jump in passenger cars and light trucks amid less severe seasonal plant shutdowns.

  • Metal and mineral exports fell -8.0% MoM, with unwrought gold (-12.2%) and aluminum (-31.0%) posting sharp declines; aluminum exports hit their lowest since May 2019 under U.S. tariffs.

  • Imports dropped -0.7% MoM due to industrial machinery (-18.8%), reflecting the absence of a one-time high-value oil project shipment seen in June; excluding this, imports rose +2.2%.

  • Trade with the U.S. showed exports up +5.0% MoM and imports down -2.2%, widening Canada’s surplus with the U.S. to $6.7 billion, the largest since March 2025.

   

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• Canada International Trade: June 2025 2025-08-05 08:30
  

  Canada’s merchandise trade deficit widened to -$5.9 billion in June 2025 (from -$5.5 billion in May), as imports rose +1.4% MoM and exports increased +0.9% MoM.

  • Imports were driven by a one-time +27.7% MoM jump in industrial machinery; excluding this, imports fell -1.9%.
  • Motor vehicle and parts imports rose +2.9% MoM, while consumer goods fell -4.8% and metal products declined -7.8%.
  • Exports were led by energy products (+3.8% MoM) and farm/fishing products (+6.7%), while metal exports fell -3.4% and autos dropped -4.2%.
  • Exports to the U.S. rose +3.1% MoM but remain -12.5% YoY; trade surplus with the U.S. widened to $3.9 billion.
  • Q2 2025 exports fell -12.8% QoQ (after a record Q1), while imports declined -3.9% QoQ; the quarterly trade deficit widened to a record -$19.0 billion.

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• Canada International Trade: May 2025 2025-07-03 08:30
  

  Canada’s international merchandise trade deficit narrowed to -$5.9 billion in May 2025 (from -$7.6 billion in April), as exports rose +1.1% MoM and imports fell -1.6% MoM.

  • Export growth was driven by a +30.1% MoM surge in unwrought gold shipments to the UK; excluding metals, exports fell -1.2%.
  • Energy exports declined -5.6% MoM, with crude oil down -4.0% on lower prices and volumes.
  • Imports fell for a third straight month, led by a -16.8% MoM drop in metal products and a -5.3% decline in motor vehicles and parts.
  • Exports to the U.S. fell -0.9% MoM, the fourth monthly decline; non-U.S. exports rose +5.7% to a record high.
  • The combined goods and services trade deficit narrowed to -$6.6B in May (from -$8.0B), as services exports dipped -0.2% and imports rose +1.8%.

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• Canada International Trade: April 2025 2025-06-05 08:30
  

  Canada’s international trade in services deficit narrowed to $0.3 billion in April from $0.5 billion in March, as service imports fell -1.1% MoM and exports declined -0.5% MoM.

  • Travel service imports fell -4.1% MoM to $4.6 billion, driven by lower Canadian spending in the US.
  • Commercial service imports slipped -0.4% MoM, while transportation service imports rose +1.3% MoM.
  • Travel service exports dropped -3.7% MoM to $5.2 billion due to weaker spending by US and overseas visitors.
  • Commercial service exports rose +0.7% MoM to $10.7 billion, led by financial services tied to market activity.
  • In goods trade, exports fell -10.8% MoM and imports -3.5% MoM, widening the merchandise trade deficit to $7.1 billion from $2.3 billion.

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• Canada International Trade: March 2025 2025-05-06 08:30
  

  Canada’s merchandise trade deficit narrowed to $506 million in March from $1.4 billion in February as exports fell -0.2% MoM and imports dropped -1.5% MoM.

  • Exports to the US declined -6.6% MoM amid new tariffs, while exports to non-US countries surged 24.8% MoM.
  • Consumer goods exports fell -4.2% MoM, led by a -10.8% drop in meat products and -7.0% in pharmaceuticals.
  • Energy exports declined -2.2% MoM, with nuclear fuel down -54.5% and natural gas down -13.7%.
  • Motor vehicle and parts exports rebounded 7.7% MoM after a sharp February drop, with passenger cars/light trucks up 11.8%.
  • Imports fell for the first time since September 2024, led by declines in energy (-18.8% MoM) and metals/minerals (-15.8% MoM); imports from the US fell -2.9% MoM.

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• Canada International Trade: February 2025 2025-04-03 08:30
  

  Canada’s trade balance flipped from a surplus of $3.1 billion in January to a deficit of $1.5 billion in February.

  • Exports fell -5.5% MoM to $70.1 billion, and imports increased 0.8% MoM to $71.6 billion, the 5th straight monthly increase.
  • After increasing 15.9% from September 2024 to January 2025, total exports decreased -5.5% in February.
  • Exports of energy products (-6.3% MoM) posted the largest decline in February, the first decrease since September 2024.
  • The largest contributors to the increase in February were imports of motor vehicles and parts (+5.8% MoM), industrial machinery, equipment and parts (+3.1% MoM), energy products (+5.2% MoM) and metal and non-metallic mineral products (+3.5% MoM).
  • After rising for three consecutive months and reaching a record high in January, exports to the United States were down -3.6% MoM in February, representing a decrease of -$2.1 billion. Meanwhile, imports rose 2.5% MoM in February.

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• Canada International Trade: January 2025 2025-03-06 08:30
  

  Canada’s trade balance increased from $1.7 billion in December to $4.0 billion in January, above expectations of a $1.3 billion surplus and the largest since May 2022.

  • Exports jumped 5.5% MoM in January after a 6.0% MoM rise in December. Exports to the United States increased 7.5% in January and reached a record for a second consecutive month.
  • Exports of motor vehicles & parts jumped 12.5% MoM, and exports of consumer goods rose 7.8% MoM.
  • Energy product exports, especially crude oil and natural gas, were up 4.8% MoM.
  • Imports increased 2.3% MoM in January after rising 2.6% MoM in December. Imports from the US were up 4.7% MoM.
  • The largest contributors were imports of aircraft and other transportation equipment and parts (+23.6% MoM), electronic and electrical equipment and parts (+5.8% MoM), and energy products (+8.5% MoM).
  • Canada's merchandise trade surplus with the United States widened from $12.3 billion in December to a record $14.4 billion in January.

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• Canada International Trade: December 2024 2025-02-05 08:30
  

  Canada achieved its first merchandise trade surplus since February 2024, with the balance improving from a $986 million deficit in November to a $708 million surplus in December, driven by exports rising 4.9% MoM while imports increased by 2.3% MoM.

  • Total monthly exports in December were at the highest level since May 2022.
  • Energy exports showed significant growth, rising 9.5% MoM in December, primarily due to an 11% MoM increase in crude oil exports, likely a result of US importers trying to build inventory ahead of tariffs.
  • Metal and non-metallic mineral product exports reached a record high of $10 billion in December, with strong increases across various categories including waste and scrap metal (+35.6% MoM) and unwrought nickel and nickel alloys (+63.3% MoM).
  • For the full year 2024, total merchandise exports increased by 1.0% compared to 2023, while imports rose 1.9%, resulting in the merchandise trade deficit widening from $610 million in 2023 to $7.2 billion in 2024.
  • Canada's trade relationship with the United States remained robust in 2024, with the US accounting for 75.9% of Canada's total exports and 62.2% of total imports, although the annual trade surplus with the US narrowed to $102.3 billion from $108.3 billion in 2023.
  • The trade surplus with the United States widened to $11.3 billion in December from $8.2 billion in November, while the deficit with other countries increased to $10.6 billion from $9.2 billion in the same period.

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• Canada International Trade: November 2024 2025-01-07 08:30
  

  Canada’s trade deficit fell from $544 million in October to $323 million in November. Exports were up 2.2% MoM, and imports were up 1.8% MoM. The devaluation of the CAD against the dollar helped exports on the month. In USD terms, exports were up just 0.8% MoM while imports actually fell -1.0% MoM.

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