Canada Balance Commerciale

Canada posted a trade deficit of C$5.9 billion in May 2025, narrowing from the C$7.6 billion shortfall recorded in April. The improvement came as imports declined while exports increased, driven by Ottawa’s reciprocal tariffs and CARM-induced filing delays. Imports fell by 1.6% to C$66.7 billion, the third consecutive monthly decline, amid drops in metal and non-metallic mineral products (–16.8%) and motor vehicles and parts (–5.3%). Imports from the US fell by 1.2% as Canada maintained its reciprocal tariffs. In turn, exports rose by 1.1% from the previous month to C$60.8 billion. Exports to the US fell by 0.9%, although this was offset by a 5.7% surge in sales to countries excluding the US. Sales were higher for metal and non-metallic mineral products (+15.1%), and exports of consumer goods rose (+2.6%).