In October, Canadian exports to the United States accounted for 67.3% of total exports, marking the lowest level since data calculation standards were set in 1997, excluding pandemic impacts. The value of goods exported to the U.S. decreased by 4.1%, while imports from the U.S. rose by 5.3%. Consequently, Canada’s trade surplus with the U.S. dropped to $4.8 billion from $8.4 billion in September following tariff impositions by U.S. President Donald Trump and calls by Prime Minister Mark Carney for trade diversification.
Canada posted a trade deficit of $583 million in October, lower than anticipated, as imports outpaced exports. Analysts had predicted a deficit of $1.36 billion. September’s surplus was revised to $243 million from the initial $153 million. The deficit in October marked the eighth in nine months in 2025.
Import values, after a 4.3% decline in September, rebounded by 3.4% in October. Notably, imports of electronic and electrical equipment surged by 10.2%, largely driven by robust shipments of computers and peripherals. Meanwhile, exports increased by 2.1%, mainly due to strong demand for precious metal products like gold, silver, and platinum group metals. Excluding these items, total exports fell by 2.5%.
Exports to countries other than the U.S. soared by 15.6%, reaching a peak level, buoyed by gold shipments to Britain and oil exports to China. The data release was delayed due to a prolonged U.S. government shutdown, with November’s data set to be released on Jan. 29.