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December 11, 2025CANADA TRADE BALANCE, SEPTEMBER 2025 Month-over-month (September 2025 vs August 2025)
In September 2025, Canada's international exports of goods rose 6.3% to $64.2 billion. Canada’s goods imports declined 4.1% to $64.1 billion. Canada's goods trade balance improved from a $6.4 billion deficit in August to a $153 million surplus in September.
Exports were up in nine of eleven product sections, led by exports of metal and non-metallic minerals, primarily due to a large increase in exports of unwrought gold to Switzerland, United States and United Kingdom. Products subject to tariffs, including aluminum and steel products, posted strong declines. Imports were up in seven of eleven product sections in September, led by a sharp drop in imports of unwrought gold.
In real (or volume) terms, exports were up 4.1% and imports fell 3.3% in September.
Canada's international exports of services rose 0.7% from the previous month to $20.0 billion in September 2025. Canada's imports of services were up 0.8% to $19.8 billion. Given similar increases in exports and imports of services, Canada's services trade surplus was virtually unchanged at $174.0 million in September.
Canada’s international exports of goods and services rose 5.0% to $84.3 billion in September 2025. Canada's international imports of goods and services fell 3.0% to $83.9 billion. Canada's overall international trade position improved from a $6.3 billion deficit in August to a $327 million surplus in September 2025.
Significant changes in US tariff policy led to a pre-tariff increase in Canadian goods exports to the US (building inventories of goods before tariffs take effect), followed by a sharp post-tariff decline. Retaliatory measures and changes in consumer preferences have also influenced Canadian imports of goods from the US during this period. Exports of goods to the United States from Canada grew 4.6% to $45.8 billion in September 2025 while imports of goods from the US decreased 1.7% to $37.2 billion. Canada's trade surplus in goods with the US widened by $2.6 billion to $8.6 billion in September 2025.
Canada's exports of goods to China decreased 3.7% to $2.5 billion in September 2025. Canada's imports of goods from China fell 11.3% to $4.7 billion. Canada's deficit in goods trade with China narrowed by $501.2 million to $2.2 billion.
In September 2025, Canada's exports of goods to the European Union grew 14.1% to $3.7 billion. Canada's imports of goods from the EU fell 7.1% to $6.5 billion. Canada's deficit in goods trade with the EU narrowed by $951.4 million to $2.8 billion.
Year-over-year (September 2025 vs September 2024)
Compared with the same month in 2024:
- Canada's international exports of goods rose 0.3% (+$175 million) while Canada’s goods imports fell 1.9% (-$1.3 billion). As imports fell while exports grew, Canada's goods trade position changed from a deficit of $1.3 billion to a surplus of $153.3 million.
- Canada's international exports of services were up 3.9% (+$747.0 million) while Canada's imports of services rose by 1.3% (+$247.0 million). With a larger increase in exports than imports, Canada's services trade deficit of $327.0 million in September 2024 changed to a surplus of $174.0 million.
- Canada’s combined international exports of goods and services increased by 1.1% (+$921.9 million) while imports of goods and services fell by 1.2% (-$1.0 billion). Canada's overall international trade position changed from a deficit of $1.6 billion in September 2024 to a surplus of $327.3 million.
- Exports of goods from Canada to the United States decreased 5.6% (-$2.7 billion) while imports of goods from the US fell 8.2% (-$3.3 billion). Canada's trade surplus in goods with the US grew by $605.2 million.
- Canada's exports of goods to China fell 0.2% (-$4.0 million). Canada's imports of goods from China fell 5.4% (-$267.7 million). Canada's deficit in goods trade with China narrowed by $263.7 million.
- Canada's exports of goods to the European Union rose by 22.3% (+$670.8 million). Canada's imports of goods from the EU rose by 3.0% (+$191.2 million). Canada's deficit in goods trade with the EU narrowed by $479.6 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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