In October, Canadian exports to the United States accounted for 67.3% of total exports, marking the lowest level outside of pandemic conditions since data tracking began in 1997. The value of goods shipped to the U.S. decreased by 4.1%, while imports saw a 5.3% rise. Consequently, Canada’s trade surplus with the U.S. dropped from $8.4 billion in September to $4.8 billion. This decline followed the imposition of tariffs by U.S. President Donald Trump and calls from Prime Minister Mark Carney for trade diversification.
Overall, Canada reported a trade deficit of $583 million in October, lower than the anticipated $1.36 billion deficit. The country’s trade balance has been in deficit for eight out of nine months in 2025. Statistics Canada revised September’s surplus to $243 million from the initial $153 million.
Imports in October increased by 3.4% following a 4.3% decline in September. Notably, imports of electronic and electrical equipment surged by 10.2%, driven by robust shipments of computers and peripherals. Meanwhile, exports rose by 2.1%, mainly due to strong demand for precious metal products.
Exports to countries other than the U.S. soared by 15.6%, reaching a record high. This growth was boosted by increased shipments of gold to Britain and oil to China. The release of the trade data was delayed due to a U.S. government shutdown, with November’s data expected to be released on January 29.
