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March 12, 2026CANADA TRADE BALANCE, JANUARY 2026 Month-over-month (January 2026 vs December 2025)
In January 2026, Canada's international exports of goods declined 4.7% to $62.5 billion. Canada’s goods imports were down 1.1% to $66.1 billion. Canada's goods trade deficit widened to $3.6 billion in January.
Exports were down in six of eleven product sections, led by lower exports of motor vehicles and parts. Statistics Canada reported that exports of passenger cars and light trucks had the largest decline, which was mainly due to lower production from changes in the models produces and prolonged seasonal production stoppages in January. There were also declines in exports of metal and non-metallic mineral products due to lower exports of unwrought gold to the United Kingdom, and lower exports of aircraft and other transportation equipment with lower exports to the United States.
Imports declined in seven of eleven product sections, also led by declines in motor vehicles and parts (particularly for motor vehicle engines and parts due to lower production in January in Canada).
In real (or volume) terms, exports were down 5.8% and imports were down 2.2% in January.
Canada's international exports of services declined 1.1% from the previous month to $19.8 billion in January 2026. Canada's imports of services were up 1.8% to $19.9 billion. Canada's services trade position deteriorated by $574 million to a deficit of $133 million in January.
Canada’s international exports of goods and services declined 3.9% to $82.3 billion in January 2026. Canada's international imports of goods and services declined 0.4% to $86.0 billion. Canada's overall international trade deficit widened by $2.9 billion to $3.8 billion in January 2026.
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 declined 3.8% to $42.4 billion in January 2026 while imports of goods from the US declined 3.4% to $37.0 billion. Canada's trade surplus in goods with the US narrowed by $347 million to $5.4 billion in January 2026.
Canada's exports of goods to China grew 1.2% to $3.1 billion in January 2026. Canada's imports of goods from China increased 5.9% to $5.7 billion. Canada's deficit in goods trade with China widened by $281 million to $2.6 billion.
In January 2026, Canada's exports of goods to the European Union declined 1.9% to $3.8 billion. Canada's imports of goods from the EU fell 3.7% to $6.6 billion. Canada's deficit in goods trade with the EU narrowed by $183 million to $2.9 billion.
Year-over-year (January 2026 vs January 2025)
Compared with the same month in 2025:
- Canada's international exports of goods declined 14.6% (-$10.6 billion) while Canada’s goods imports fell 5.1% (-$3.5 billion). As export declines outpaced that of imports, Canada's goods trade position deteriorated by $7.1 billion, moving from a surplus of $3.5 billion in January 2025 to a deficit of $3.6 billion.
- Canada's international exports of services were down 1.4% (-$288 million) while Canada's imports of services rose by 1.3% (+$262 million). With higher imports and fewer exports, Canada's services trade position deteriorated by $549 million, moving from a surplus of $416 million in January 2025 to a deficit of $133 million..
- Canada’s combined international exports of goods and services declined by 11.7% (-$10.9 billion) while imports of goods and services declined by 3.7% (-$3.3 billion). Canada's overall international trade position deteriorated by $7.7 billion, moving from a surplus of $3.9 billion in January 2025 to a deficit of $3.8 billion.
- Exports of goods from Canada to the United States decreased 25.3% (-$14.3 billion) while imports of goods from the US fell 14.1% (-$6.1 billion). Canada's trade surplus in goods with the US contracted by $8.3 billion.
- Canada's exports of goods to China rose 2.4% (+$70.9 million). Canada's imports of goods from China rose 7.2% (+$386.7 million). Canada's deficit in goods trade with China widened by $315.8 million.
- Canada's exports of goods to the European Union rose by 14.5% (+$477.5 million). Canada's imports of goods from the EU rose by 7.0% (+$432.8 million). Canada's deficit in goods trade with the EU narrowed by $44.8 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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