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May 06, 2025CANADA TRADE BALANCE, MARCH 2025 Month-over-month (March 2025 vs February 2025)
In March 2025, Canada's international export of goods decreased to $69.9 billion (-0.2% from February). Canada’s goods imports declined to $70.4 billion (-1.5%). As imports fell faster than exports, the revised international goods trade deficit of $1.4 billion in February narrowed to $506 million in March.
Exports declined in six of eleven product sections, led by exports of consumer goods. Statistics Canada notes that the decrease in total exports in March also coincided with the implementation of the new US tariffs on Canadian goods. Goods exports decreased to the United States but were almost entirely offset by an increase in exports to other countries.
Statistics Canada also notes that exports were down due to lower prices in March. In real terms (volume of merchandise) exports were up 1.8% while imports declined 0.1% in March.
Canada's international exports of services increased 0.3% from the previous month to $17.7 billion in March 2025. Canada's imports of services decreased by 0.9% to $18.1 billion. Canada's deficit in international service trade narrowed by $207 million to $436 million.
Canada’s international exports of goods and services declined 0.1% to $87.6 billion in March 2025. Canada's international imports of goods and services decreased 1.3% to $88.5 billion. Canada's overall international trade deficit narrowed by $1.1 billion to $942 million in March 2025.
Export of goods to the United States from Canada declined 6.6% to $52.1 billion in March 2025 while imports of goods from the US decreased 2.9% to $43.6 billion. Canada's trade surplus in goods with the US narrowed by $2.4 billion to $8.4 billion in March 2025.
Canada's exports of goods to China declined 3.6% to $2.8 billion in March 2025. Canada's imports of goods from China rose 5.7% to $5.6 billion. Canada's deficit in goods trade with China widened by $409 million to $2.9 billion.
In March 2025, Canada's exports of goods to the European Union rose by 32.0% to $3.7 billion. Canada's imports of goods from the EU rose 5.2% to $6.4 billion. Canada's deficit in goods trade with the EU narrowed by $572 million to $2.8 billion.
Year-over-year (March 2025 vs March 2024)
Compared with the same month in 2024:
- Canada's international exports of goods increased 10.2% (+$6.5 billion) while Canada’s goods imports rose 9.5% (+$6.1 billion). As exports rose faster than imports, Canada's goods trade deficit narrowed by $380 million.
- Canada's international exports of services were down 3.3% (-$608 million) while Canada's imports of services rose by 0.7% (+$126 million). Canada's services trade position deteriorated by $735 million, from a surplus of $299 million in March 2024 to a deficit of $436 million in March 2025.
- Canada’s combined international exports of goods and services increased by 7.2% (+$5.9 billion) while imports of goods and services rose by 7.5% (+$6.2 billion). Canada's overall international trade deficit widened by $356 million.
- Exports of goods from Canada to the United States increased 8.4% (+$4.0 billion) while imports of goods from the US rose 8.4% (+$3.4 billion). Canada's trade surplus in goods with the US grew by $650 million.
- Canada's exports of goods to China increased 15.6% (+$373 million). Canada's imports of goods from China rose 7.1% (+$375 million). Canada's deficit in goods trade with China widened by $1.3 million.
- Canada's exports of goods to the European Union rose by 34.7% (+$944 million). Canada's imports of goods from the EU were up 0.8% (+$52 million). Canada's deficit in goods trade with the EU narrowed by $892 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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