StatCan reveals that Canada has entered a trade deficit as of October
Statistics Canada revealed today that the share of Canadian exports to the United States fell to their lowest ever level, excluding the pandemic, in October of 2025.
Exports to the US represented 67.3 per cent of all exports, the lowest level since measurement began in 1997, falling 4.1 per cent. Imports from the United States increased 5.3 per cent, resulting in a near-halving of Canada's trade surplus with the US. The surplus for October sits at $4.8 billion, down from $8.4 billion in September.
Exports to non-US countries rose by 15.6 per cent to a record high, largely due to gold exports destined for the UK and oil exports to China.
Overall, Canada saw its trade surplus move into a deficit of $583 million in October, below analyst predictions of a trade deficict of $1.36 billion. This is the eighth month of trade deficits between February and October, with only September showing a trade surplus of $243 million in that period.
Globally, exports rose to 2.1 per cent largely due to shipments of unwrought precious metals. Without that group, Canadian exports fell 2.5 per cent.
Total imports tose 3.4 per cent in October, with big jumps in the import of electronic and electrical equipment.
