In October, Canadian exports to the United States represented 67.3% of total exports, marking the lowest level outside of pandemic influence since 1997. The value of goods shipped to the U.S. from Canada 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 the imposition of tariffs by U.S. President Donald Trump and Prime Minister Mark Carney’s emphasis on the importance of diversifying trade.
Canada reported a trade deficit of $583 million in October, which was smaller than anticipated, as imports outpaced exports. Analysts had predicted a deficit of $1.36 billion. Statistics Canada revised September’s surplus to $243 million from the initial $153 million. This deficit marked the eighth in nine months in 2025.
Total imports increased by 3.4% in October after a 4.3% decline in September. Importation of electronic and electrical equipment and parts surged by 10.2%, driven by record shipments of computers and peripherals. Exports rose by 2.1%, supported by demand for unwrought gold, silver, platinum group metals, and their alloys. Excluding this category, total exports fell by 2.5%.
Exports to countries other than the U.S. soared by 15.6%, reaching a record high due to increased shipments of gold to Britain and oil to China. The data release was postponed from the scheduled date of December 4 due to an extended U.S. government shutdown. November’s data is set to be released on January 29.
