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January 08, 2026CANADA TRADE BALANCE, OCTOBER 2025 Month-over-month (October 2025 vs September 2025)
In October 2025, Canada's international exports of goods rose 2.1% to $65.6 billion. Canada’s goods imports rose 3.4% to $66.2 billion. Canada's goods trade balance deteriorated from a revised surplus of $242.5 million in September to a $583.1 million deficit in October.
Exports were up in six of eleven product sections, led by exports of unwrought gold, silver and platinum group metals/alloys (notably exports of unwrought gold to the United Kingdom). Excluding exports from this group, total exports declined 2.5%. Imports were up in eight of eleven product sections in October, with notable contributions from electronic and electrical equipment and parts, metal and non-metallic mineral products (with growth driven by unwrought platinum and silver bullion), and industrial machinery and equipment.
In real (or volume) terms, exports were down 0.4% and imports rose 2.6% in October.
Canada's international exports of services declined 0.4% from the previous month to $20.1 billion in October 2025. Canada's imports of services were down 1.2% to $19.6 billion. As imports fell faster than exports, Canada's services trade surplus increased by $160.0 million to $524.0 million in October.
Canada’s international exports of goods and services rose 1.5% to $85.7 billion in October 2025. Canada's international imports of goods and services rose 2.3% to $85.7 billion. Canada's overall international trade position deteriorated from a $606.5 million surplus in September to a $59.1 million deficit in October 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 3.4% to $44.1 billion in October 2025 while imports of goods from the US grew 5.3% to $39.3 billion. Canada's trade surplus in goods with the US narrowed by $3.6 billion to $4.8 billion in October 2025.
Canada's exports of goods to China rose 28.4% to $3.3 billion in October 2025. Canada's imports of goods from China rose 7.9% to $5.1 billion. Canada's deficit in goods trade with China narrowed by $364.3 million to $1.8 billion.
In October 2025, Canada's exports of goods to the European Union grew 11.9% to $4.2 billion. Canada's imports of goods from the EU fell 7.5% to $6.0 billion. Canada's deficit in goods trade with the EU narrowed by $931.4 million to $1.8 billion.
Year-over-year (October 2025 vs October 2024)
Compared with the same month in 2024:
- Canada's international exports of goods rose 0.9% (+$617.2 million) while Canada’s goods imports rose 0.9% (+$583.7 million). As export growth outpaced imports slightly, Canada's goods trade deficit narrowed marginally by $33.5 million.
- Canada's international exports of services were up 3.0% (+$583.0 million) while Canada's imports of services rose by 0.4% (+$69.0 million). With a larger increase in exports than imports, Canada's services trade surplus increased by $515.0 million.
- Canada’s combined international exports of goods and services increased by 1.4% (+$1.2 billion) while imports of goods and services rose by 0.8% (+$652.7 million). Canada's overall international trade deficit narrowed by $547.5 million.
- Exports of goods from Canada to the United States decreased 6.9% (-$3.3 billion) while imports of goods from the US fell 3.3% (-$1.3 billion). Canada's trade surplus in goods with the US contracted by $1.9 billion.
- Canada's exports of goods to China rose 18.0% (+$508.3 million). Canada's imports of goods from China fell 0.5% (-$24.2 million). Canada's deficit in goods trade with China narrowed by $532.5 million.
- Canada's exports of goods to the European Union rose by 17.5% (+$625.3 million). Canada's imports of goods from the EU rose by 2.1% (+$122.3 million). Canada's deficit in goods trade with the EU narrowed by $502.8 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)