Canada's share of exports to U.S. hit lowest level in decades in October
CBC
Exports to the United States in October accounted for 67.3 per cent of all exports, the lowest non-pandemic level since the current method of data calculation was established in 1997.
The value of items sent from Canada to the U.S. dipped by 4.1 per cent while imports increased by 5.3 per cent. As a result, Canada's trade surplus with its neighbour fell to $4.8 billion from $8.4 billion in September, months after U.S. President Donald Trump imposed tariffs on a raft of imports from Canada and Prime Minister Mark Carney stressed the need for trade diversification.
Overall, Canada recorded a smaller-than-expected trade deficit of $583 million in October, when imports increased at a greater pace than exports, official data indicated on Thursday.
Analysts had expected a $1.36 billion deficit. Statistics Canada revised September's surplus up to $243 million from an initial $153 million. The deficit was the eighth in nine months in 2025.
After falling 4.3 per cent in September, the value of total imports rose 3.4 per cent in October. Imports of electronic and electrical equipment and parts jumped 10.2 per cent, pushed up by record shipments of computers and computer peripherals.
Exports edged up by 2.1 per cent on strength in demand for unwrought gold, silver and platinum group metals and their alloys. Excluding this product group, total exports fell 2.5 per cent.
Exports to non-U.S. nations jumped by 15.6 per cent to reach a record high, pushed up by shipments of gold to Britain and oil to China.
The release of the data was delayed from the planned Dec. 4 date due to a prolonged U.S. government shutdown. November's data is due to be issued on Jan. 29.
