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. source: Statistics Canada

Canada recorded a trade deficit of 2200 CAD Million in November of 2025. Balance of Trade in Canada averaged 1051.92 CAD Million from 1971 until 2025, reaching an all time high of 8554.40 CAD Million in January of 2001 and a record low of -7530.20 CAD Million in April of 2025. This page provides the latest reported value for - Canada Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Canada Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Canada recorded a trade deficit of 2200 CAD Million in November of 2025. Balance of Trade in Canada is expected to be -3400.00 CAD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Balance of Trade is projected to trend around 1300.00 CAD Million in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-08 01:30 PM
Balance of Trade
Oct C$-0.58B C$0.24B C$-1.4B C$-6.3B
2026-01-29 01:30 PM
Balance of Trade
Nov C$-2.2B C$-0.4B C$-0.7B C$-0.6B
2026-02-19 01:30 PM
Balance of Trade
Dec C$-2.2B C$ -2.4B


Related Last Previous Unit Reference
Balance of Trade -2200.00 -400.00 CAD Million Nov 2025
Capital Flows -13644.00 -25086.00 CAD Million Sep 2025
Current Account -9680.00 -21557.00 CAD Million Sep 2025
Current Account to GDP -1.00 -0.70 percent of GDP Dec 2024
Exports 63940.00 65780.00 CAD Million Nov 2025
External Debt 4676035.00 4536776.00 CAD Million Sep 2025
Foreign Direct Investment 18153.00 21890.00 CAD Million Sep 2025
Imports 66140.00 66180.00 CAD Million Nov 2025
Oil Exports 9506.00 8833.00 CAD Million Nov 2025
Terms of Trade 102.00 101.10 points Nov 2025
Tourist Arrivals 1642110.00 2363398.00 Nov 2025


Canada Balance of Trade
Between 1980 and 2008, Canada recorded a positive trade balance every year, with an expectation of 1991 and 1992. From 2009 onwards, the trade balance shifted to a deficit. In 2021, it switched again to a trade surplus, with energy products making the largest share of exports. The United States remains the country's biggest trading partner.
Actual Previous Highest Lowest Dates Unit Frequency
-2200.00 -400.00 8554.40 -7530.20 1971 - 2025 CAD Million Monthly
SA

News Stream
Canada Trade Deficit Widens More Than Expected
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.
2026-01-29
Canada Trade Balance Swings to Deficit in October
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.
2026-01-08
Canada Trade Balance Swings to Surplus
Canada’s trade swung to a surplus of C$0.15 billion in September 2025 from a C$6.3 billion deficit the month before and well above expectations for a C$4.5 billion deficit, marking the second surplus of the year. Exports rose 6.3% month on month to C$64.231 billion, the largest monthly increase since February 2024 and reversing August’s weakness as nine of 11 product sections posted gains. Metal and non-metallic mineral product exports jumped 22.7% driven by a 30.2% surge in unwrought gold, aircraft and other transportation equipment rose 23.4% and crude oil exports climbed 5.8%. Exports to the US were up 4.6% in September. Meanwhile imports fell 4.1% to C$64.078 billion as metal and non-metallic mineral imports plunged 27.8%, led by a 72.5% drop in unwrought gold after August’s high-value shipments did not repeat. Those flows narrowed deficits with countries other than the US and widened Canada’s surplus with the US from C$6.0 billion in August to C$8.6 billion in September.
2025-12-11