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%.