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April 03, 2025CANADA TRADE BALANCE, FEBRUARY 2025 Month-over-month (February 2025 vs January 2025)
In February 2025, Canada's international export of goods decreased to $70.1 billion (-5.5% from January). Canada’s goods imports increased to $71.6 billion (+0.8%). Due to imports increasing as exports declined, the revised international goods trade surplus of $3.1 billion in January switched to a deficit of $1.5 billion in February.
Exports declined in 10 of 11 product sections, led by exports of energy products and motor vehicles and parts. Statistics Canada notes that strong volatility in recent months (including the surge in exports in January) occurred amid threats by the United States to imports tariffs on Canadian goods.
In real terms (volume of merchandise) exports declined 5.0% while imports were virtually unchanged in February.
Canada's international exports of services declined 1.6% from the previous month to $17.7 billion in February 2025. Canada's imports of services decreased by 0.8% to $18.3 billion. Canada's deficit in international service trade widened by $128 million to $0.688 billion.
Canada’s international exports of goods and services declined 4.8% to $87.8 billion in February 2025. Canada's international imports of goods and services increased 0.4% to $90.0 billion. Canada's overall international trade position deteriorated by $4.8 billion, moving from a surplus of $2.6 billion in January to a deficit of $2.2 billion in February 2025.
Export of goods to the United States from Canada declined 3.6% to $55.8 billion in February 2025 while imports of goods from the US increased 2.5% to $45.2 billion. Canada's trade surplus in goods with the US declined by $3.2 billion to $10.6 billion in February 2025.
Canada's exports of goods to China declined 4.7% to $2.9 billion in February 2025. Canada's imports of goods from China were down 2.3% to $5.3 billion. Canada's deficit in goods trade with China widened by $0.02 billion to $2.4 billion.
In February 2025, Canada's exports of goods to the European Union declined by 14.3% to $2.8 billion. Canada's imports of goods from the EU fell 2.3% to $6.0 billion. Canada's deficit in goods trade with the EU widened by $0.3 billion to $3.3 billion.
Year-over-year (February 2025 vs February 2024)
Compared with the same month in 2024:
- Canada's international exports of goods increased 6.1% (+$4.0 billion) while Canada’s goods imports rose 10.7% (+$6.9 billion). As imports rose faster than imports, Canada's goods trade position deteriorated by $2.9 billion, moving from a surplus of $1.4 billion in February 2024 to a deficit of $1.5 billion in February 2025.
- Canada's international exports of services were down 4.9% (-$918 million) while Canada's imports of services declined by 0.3% (-$47 million). Canada's services trade position deteriorated by $870 million, from a surplus of $182 million in February 2024 to a deficit of $688 million in February 2025.
- Canada’s combined international exports of goods and services increased by 3.7% (+$3.1 billion) while imports of goods and services rose by 8.3% (+$6.9 billion). Canada's overall international trade position decreased by $3.8 billion, moving from $1.6 billion surplus in February 2024 to a $2.2 billion deficit in February 2025.
- Exports of goods from Canada to the United States increased 12.1% (+$6.0 billion) while imports of goods from the US rose 11.4% (+$4.6 billion). Canada's trade surplus in goods with the US grew by $1.4 billion.
- Canada's exports of goods to China increased 10.8% (+$282 million). Canada's imports of goods from China rose 1.6% (+$85 million). Canada's deficit in goods trade with China narrowed by $198 million.
- Canada's exports of goods to the European Union rose by 2.9% (+$79 million). Canada's imports of goods from the EU were up 0.7% (+$40 million). Canada's deficit in goods trade with the EU narrowed by $39 million.
Source: Statistics Canada, Table 12-10-0011-01 International merchandise trade for all countries and by Principal Trading Partners, monthly (x 1,000,000); Table 12-10-0121-01 International merchandise trade by commodity, monthly (x 1,000,000); Table 12-10-0144-01 International trade in services, monthly (x 1,000,000)
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