Statistics Canada announced that Canada’s merchandise exports fell 3.0%, while imports were up 0.9%. As a result, Canada’s merchandise trade deficit with the world widened from $3.8 billion in July to $6.3 billion in August. Both movements were influenced by strong variations for unwrought gold in the month.
The Federal Agency notes that export decreases were observed in 8 of the 11 product sections in August. Exports of metal and non-metallic mineral products (-7.6%) decreased the most, posting a strong decline for the third consecutive month. Lower exports of unwrought gold, silver, and platinum group metals, and their alloys-a category largely composed of unwrought gold-were behind the August decrease (-11.8%).
The rise in total imports was largely the result of an increase in imports of metal and non-metallic mineral products, for which large imports of unwrought gold were reported in August. Excluding this product section, total imports were down 1.0%. Overall, decreases were observed in 6 of 11 product sections.
Exports to the United States decreased 3.4% in August, in part because of lower exports of unwrought gold. Meanwhile, imports from the United States fell 1.4% in August. When comparing the first eight months of 2025 with the same period in 2024, exports were down 3.3% while imports were 0.5% lower. Canada’s trade surplus with the United States narrowed from $7.4 billion in July to $6.4 billion in August.
Exports to countries other than the United States were down 2.0% in August, a third consecutive monthly decline. Lower exports to Germany (crude oil), Japan (nuclear fuel) and Singapore (crude oil) contributed the most to the monthly decrease. Meanwhile, imports from countries other than the United States rose 4.2%, reaching a record in August. Canada’s trade deficit with countries other than the United States also set a record, widening from $11.2 billion in July to $12.8 billion in August.