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September 04, 2025CANADA TRADE BALANCE, JULY 2025 Month-over-month (July 2025 vs June 2025)
In July 2025, Canada's international exports of goods increased 0.9% to $61.9 billion. Canada’s goods imports decreased 0.7% to $66.8 billion. Canada's trade deficit in goods narrowed from $6.0 billion in June to $4.9 billion in July.
Exports of goods increased for the third consecutive month, as monthly declines from February-April coincided with the implementation of tariffs on imports of Canadian goods into the United States. Exports were up for seven of eleven product sections, led by exports of energy products and motor vehicles/parts. Canada's imports of goods declined as imports of industrial machinery/equipment/parts fell following a one-time high-value shipment in June.
In real (or volume) terms, exports were up 1.6% and imports fell 0.9% in July.
Canada's international exports of services rose by 2.6% from the previous month to $18.7 billion in July 2025. Canada's imports of services fell by 1.3% to $18.2 billion. Canada's services trade deficit of $209.0 million in June 2025 narrowed by $713.0 million, becoming a surplus of $504.0 million.
Canada’s international exports of goods and services rose 1.3% to $80.6 billion in July 2025. Canada's international imports of goods and services decreased 0.9% to $85.0 billion. Canada's overall international trade deficit narrowed by $1.8 billion to $4.4 billion in July 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. Exports of goods to the United States from Canada increased 5.0% to $45.1 billion in July 2025 while imports of goods from the US decreased 2.2% to $38.4 billion. Canada's trade surplus in goods with the US widened by $3.0 billion to $6.7 billion in July 2025.
Canada's exports of goods to China increased 4.3% to $2.7 billion in July 2025. Canada's imports of goods from China fell 3.0% to $5.7 billion. Canada's deficit in goods trade with China narrowed by $289.5 million to $3.0 billion.
In July 2025, Canada's exports of goods to the European Union fell 8.2% to $3.3 billion. Canada's imports of goods from the EU rose 3.7% to $6.7 billion. Canada's deficit in goods trade with the EU widened by $531.4 million to $3.4 billion.
Year-over-year (July 2025 vs July 2024)
Compared with the same month in 2024:
- Canada's international exports of goods decreased 4.8% (-$3.1 billion) while Canada’s goods imports rose 2.3% (+$1.5 billion). As exports fell while imports grew, Canada's goods trade deficit widened by $4.6 billion.
- Canada's international exports of services were up 3.0% (+$551.0 million) while Canada's imports of services fell by 1.3% (-$237.0 million). Canada's services trade deficit of $284.0 million in July 2024 narrowed by $788.0 million, becoming a surplus of $504.0 million
- Canada’s combined international exports of goods and services decreased by 3.1% (-$2.6 billion) while imports of goods and services rose by 1.5% (+$1.2 billion). Canada's overall international trade deficit widened by $3.8 billion.
- Exports of goods from Canada to the United States decreased 10.3% (-$5.2 billion) while imports of goods from the US fell 4.0% (-$1.6 billion). Canada's trade surplus in goods with the US contracted by $3.6 billion.
- Canada's exports of goods to China increased 0.8% (+$21.3 million). Canada's imports of goods from China rose 10.5% (+$539.1 million). Canada's deficit in goods trade with China widened by $517.8 million.
- Canada's exports of goods to the European Union rose by 9.3% (+$281.1 million). Canada's imports of goods from the EU were down 1.0% (-$70.7 million). Canada's deficit in goods trade with the EU narrowed by $351.8 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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