Canada Balance Commerciale

Canada’s trade deficit widened to C$2.20 billion in November 2025 from a C$0.395 billion deficit in October and way more than the expected deficit of C$0.7 billion. Exports fell 2.8% m/m to C$63.94 billion, with metal and non-metallic mineral exports plunging 24.4% as unwrought gold and related shipments reversed after strong gains, while motor vehicles and parts dropped 11.6%. These moves were partly offset by an 8.5% rise in energy exports, with crude oil and crude bitumen up 7.6% on higher volumes. Exports to the US fell 1.8%. Imports edged down 0.1% to C$66.14 billion, led lower by motor vehicles and parts (-4.5%) and energy imports (-10.6%; crude oil -30.2%), even as consumer-goods imports (including pharmaceuticals and clothing) increased. As a result, Canada’s surplus with the US widened to C$6.6 billion, while the deficit with non-US partners widened to C$8.8 billion.