Canada Trade Balance Swings to Deficit in October

2026-01-08 13:50 By Felipe Alarcon 1 min. read

Canada’s trade swung to a deficit of C$0.58 billion in October 2025 from a C$0.24 billion surplus in September, although better than the expected 1.4 billion deficit.

Exports rose 2.1% m/m to C$65.61 billion, but gains were narrowly driven by metals.

Metal and non-metallic mineral exports surged 27.3%, led by a 47.4% jump in unwrought gold on strong shipments to the UK, while motor vehicles and parts increased 4.1%.

These advances were partly offset by an 8.4% drop in energy exports, with crude oil and bitumen down 13.5% on weaker volumes and prices.

Exports to the US fell 3.4%.

Imports rebounded 3.4% to C$66.19 billion, led by electronic and electrical equipment at +10.2% and a 9.5% rise in metal and mineral imports driven by higher inflows of unwrought gold and platinum group metals.

As a result, Canada’s surplus with the US narrowed from C$8.4 billion to C$4.8 billion, while the deficit with non-US partners narrowed to C$5.4 billion, the smallest since January 2021.



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