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Exports to the United States in October accounted for 67.3% of all exports, the lowest non-pandemic level since the current method of calculating the data was adopted in 1997.
The value of goods shipped from Canada to the United States fell 4.1 percent, while imports increased 5.3 percent. As a result, Canada's trade surplus with its neighbor fell to $4.8 billion from $8.4 billion in September, months after U.S. President Donald Trump imposed tariffs on a range of Canadian imports and Prime Minister Mark Carney stressed the need for trade diversification.
Overall, Canada posted a smaller-than-expected trade deficit of $583 million in October as imports grew at a faster pace than exports, official data showed Thursday.
Analysts had expected a deficit of $1.36 billion. Statistics Canada revised the September surplus to $243 million from an original $153 million. In 2025, the deficit was the eighth in nine months.
It's safe to say it's been a whirlwind of a year with US President Donald Trump's tariffs coming and going. But here's the kicker: Our global domestic exports brought in more money this year than last year. So what's going on?
After falling 4.3 percent in September, the value of total imports rose 3.4 percent in October. Imports of electronic and electrical equipment and components jumped 10.2 percent, helped by record shipments of computers and computer peripherals.
Exports increased 2.1 percent due to rising demand for raw gold, silver and platinum group metals and their alloys. Excluding this group of goods, total exports fell by 2.5 percent.
Exports to countries outside the US jumped 15.6% to a record high, helped by gold to the UK and oil to China.
The release of the data was delayed from its scheduled Dec. 4 date due to the extended U.S. government shutdown. November data is due to be published on January 29.
