Canada’s merchandise trade deficit narrowed to $1.3B in December (from $2.6B in November) as exports rose +2.6% MoM and imports increased +0.6% MoM, reflecting stronger export growth than imports.

• Merchandise exports increased +2.6% MoM after -2.2% in November, led by metal and non-metallic mineral products (+18.0%) and record aircraft and transportation equipment exports (+20.5%), showing gains concentrated in specific sectors.

• Excluding metal and non-metallic mineral products, exports edged down -0.2% MoM, indicating the headline increase was driven largely by gold-related shipments.

• Imports rose +0.6% MoM with motor vehicles and parts up +5.1% and gold-related products up +53.5%, while consumer goods (-4.5%), chemicals (-4.7%), and food products (-7.3%) declined, pointing to mixed category movements.

• The trade surplus with the United States narrowed to $5.7B (Nov: $6.5B) as exports to the U.S. rose +1.1% but imports rose faster at +3.5%.

• Exports to non-U.S. countries rose +5.8% to a record high while imports from those countries fell -3.0%, reducing the non-U.S. deficit to $7.0B (Nov: $9.0B).

• In Q4 2025, total exports increased +3.9% QoQ and imports rose +1.2% QoQ, with real exports +2.1% and real imports +0.3%, indicating exports outpaced imports over the quarter.

• For full-year 2025, exports edged down -0.2% YoY while imports rose +2.8% YoY, widening the annual deficit to $31.3B, the largest since 2020.

Canada’s merchandise trade balance widened to a -$2.2B deficit in November (from -$0.4B in October), as exports fell -2.8% MoM and imports edged down -0.1% MoM amid commodity-driven swings.

• Total merchandise exports declined -2.8% MoM, even as 8 of 11 product sections increased, while real exports fell -0.9% MoM, indicating the headline drop was driven by a few large categories rather than broad weakness.

• Exports of metal and non-metallic mineral products dropped -$3.2B (-24.4% MoM) after strong gains in September and October, led by sharp declines in unwrought gold shipments to the UK, US, and Hong Kong, reversing much of the recent surge.

• Despite the November pullback, exports of unwrought gold, silver, and PGMs were still +39.5% YTD YoY, reflecting higher gold prices over 2025 despite month-to-month volatility.

• Motor vehicle and parts exports fell -11.6% MoM to their lowest level in three years, with passenger cars and light trucks down -9.0% on lower production and medium and heavy vehicles down -53.8% following new US import tariffs.

• Energy product exports rose +8.5% MoM, driven by crude oil and bitumen (+7.6%) on higher volumes after October refinery shutdowns in the US had curtailed shipments.

• Total imports slipped -0.1% MoM, though real imports rose +0.9% MoM, as lower prices masked higher volumes across several categories.

• Imports of motor vehicles and parts declined -4.5% MoM, while energy product imports fell -10.6% MoM on a -30.2% drop in crude oil, partly offset by refined petroleum products (+35.3%).

• Trade with the US remained in surplus at $6.6B (up from $5.2B), while the deficit with non-US countries widened to $8.8B as imports from non-US markets hit a record high and gold-related exports abroad fell.

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.

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.

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.