Canada’s share of exports to the US fell to its lowest level in decades in October
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Exports to the United States in October were 67.3 percent of all exports, the lowest non-pandemic level since the current method of data calculation was established in 1997.
The value of goods shipped from Canada to the US declined by 4.1 percent while imports increased by 5.3 percent. As a result, Canada’s trade surplus with its neighbor fell to $4.8 billion from $8.4 billion in September, after U.S. President Donald Trump imposed tariffs on imports from Canada 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 indicated Thursday.
Analysts had expected a loss of $1.36 billion. Statistics Canada revised the September surplus to $243 million from an initial $153 million. The deficit in 2025 was the eighth in nine months.
It’s safe to say that it’s been a tumultuous year with US President Donald Trump imposing tariffs again and again and again. But here’s the kicker – our global domestic exports actually made more money this year than last year. So, what’s happening?
The value of total imports rose 3.4 percent in October after a 4.3 percent decline in September. Imports of electronic and electrical equipment and parts increased by 10.2 percent due to record shipments of computers and computer peripherals.
Exports grew by 2.1 percent due to strong demand for raw gold, silver and platinum group metals and their alloys. Excluding this product group, total exports declined by 2.5 percent.
Exports to non-US countries rose 15.6 percent to a record high, boosted by shipments of gold to Britain and oil to China.
The release of the data was delayed from the planned December 4 date due to the prolonged US government shutdown. November data will be released on January 29.
