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January 29, 2026CANADA TRADE BALANCE, NOVEMBER 2025 Month-over-month (November 2025 vs October 2025)
In November 2025, Canada's international exports of goods declined 2.8% to $63.9 billion. Canada’s goods imports edged down 0.1% to $66.1 billion. Canada's goods trade balance deteriorated by $1.8 billion to a deficit of $2.2 billion in November.
Exports were up in eight of eleven product sections, though a large decline in metal and non-metallic mineral products (largely due to lower exports of unwrought gold to the United Kingdom, United States and Hong Kong) drove the monthly decrease. Excluding exports from this group, total exports were up 2.5% in November. Statistics Canada also reports a notable decline in exports of motor vehicles and parts, reaching its lowest level in three years. Imports were down in seven of eleven product sections in November, led by declines in motor vehicles and parts imports, with lower imports of passenger cars and trucks from the United States contributing the most to the decline.
In real (or volume) terms, exports were down 0.9% and imports rose 0.9% in November.
Canada's international exports of services declined 1.5% from the previous month to $19.8 billion in November 2025. Canada's imports of services were up 0.5% to $19.8 billion. As imports rose while exports declined, Canada's services trade surplus declined by $411 million to $11 million in November.
Canada’s international exports of goods and services fell 2.5% to $83.8 billion in November 2025. Canada's international imports of goods and services 0.1% to $86.0 billion. Canada's overall international trade position deteriorated from a $27.1 million surplus in October to a $2.2 billion deficit in November 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 fell 1.8% to $43.7 billion in November 2025 while imports of goods from the US fell 5.4% to $37.1 billion. Canada's trade surplus in goods with the US grew by $1.3 billion to $6.6 billion in November 2025.
Canada's exports of goods to China rose 8.8% to $3.6 billion in November 2025. Canada's imports of goods from China rose 9.1% to $5.6 billion. Canada's deficit in goods trade with China widened by $175 million to $2.0 billion.
In November 2025, Canada's exports of goods to the European Union declined 3.2% to $4.1 billion. Canada's imports of goods from the EU grew 26.7% to $7.6 billion. Canada's deficit in goods trade with the EU widened by $1.7 billion to $3.5 billion.
Year-over-year (November 2025 vs November 2024)
Compared with the same month in 2024:
- Canada's international exports of goods declined 3.1% (-$2.1 billion) while Canada’s goods imports fell 0.7% (-$477.5 million). As export declines outpaced that of imports, Canada's goods trade deficit widened by $1.6 billion.
- Canada's international exports of services were up 0.3% (+$68 million) while Canada's imports of services rose by 2.2% (+$430 million). With a larger increase in imports than exports, Canada's services trade surplus narrowed by $362 million.
- Canada’s combined international exports of goods and services declined by 2.3% (-$2.0 billion) while imports of goods and services declined marginally by 0.1% (-$47.5 million). Canada's overall international trade deficit widened by $1.9 billion.
- Exports of goods from Canada to the United States decreased 13.3% (-$6.7 billion) while imports of goods from the US fell 11.6% (-$4.9 billion). Canada's trade surplus in goods with the US contracted by $1.8 billion.
- Canada's exports of goods to China rose 39.1% (+$1.0 billion). Canada's imports of goods from China rose 14.1% (+$697.6 million). Canada's deficit in goods trade with China narrowed by $318.6 million.
- Canada's exports of goods to the European Union rose by 37.9% (+$1.1 billion). Canada's imports of goods from the EU rose by 34.4% (+$1.9 billion). Canada's deficit in goods trade with the EU widened by $821 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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