In October, Canadian exports to the United States dropped to 67.3%, marking the lowest level since 1997 under normal circumstances. The value of exports to the U.S. decreased by 4.1%, while imports rose by 5.3%. Consequently, Canada’s trade surplus with the U.S. shrank to $4.8 billion from $8.4 billion in September, following tariffs imposed by U.S. President Donald Trump and Prime Minister Mark Carney’s call for trade diversification.
Overall, Canada reported a trade deficit of $583 million in October, lower than the expected $1.36 billion deficit. Official data released on Thursday showed that imports grew faster than exports. Statistics Canada revised September’s surplus to $243 million from an initial $153 million, marking the eighth trade deficit in nine months in 2025.
In October, total imports increased by 3.4% following a 4.3% decline in September. Notably, imports of electronic and electrical equipment surged by 10.2%, driven by record shipments of computers and peripherals. On the other hand, exports rose by 2.1%, mainly due to strong demand for certain metals. Excluding these metals, total exports declined by 2.5%.
Non-U.S. exports surged by 15.6%, reaching a new high, boosted by gold shipments to Britain and oil exports to China. The data release was delayed due to a U.S. government shutdown, with November’s data expected on Jan. 29.