Statistics Canada announced that Canada’s merchandise imports increased 3.4% in October, while exports were up 2.1%. As a result, Canada’s merchandise trade balance with the world went from a small surplus of $243 million in September to a deficit of $583 million in October.
The Federal Agency highlights that the rise in imports follow a drop of 4.3% in September. Overall, gains were observed in 8 of the 11 product sections.
Imports of electronic and electrical equipment and parts were up 10.2% and imports of metal and non-metallic mineral products were up 9.5%. Imports of industrial machinery, equipment and parts were up 5.7%.
Despite an overall increase, exports in 6 of the 11 product sections decreased in October. As was the case in September, exports of unwrought gold, silver, and platinum group metals, and their alloys increased the most in October.
Following three consecutive monthly declines, imports from the United States increased 5.3% in October. Meanwhile, exports to the United States were down 3.4%, partly because of lower exports of aircraft and unwrought gold. Exports to the United States were down 4.1% in the first 10 months of 2025 compared with the same period in 2024. Canada’s trade surplus with the United States narrowed from $8.4 billion in September to $4.8 billion in October.
Exports to countries other than the United States rose 15.6% to reach a record high in October following an increase of 11.8% in September. Higher exports to the United Kingdom (gold) and China (crude oil) contributed the most to this growth. Meanwhile, imports from countries other than the United States edged up 0.6% in October. Higher imports from China (smartphones) and Peru (gold) were partially offset by lower imports from Belgium (pharmaceutical products) and Australia (mineral products). Canada’s trade deficit with countries other than the United States narrowed from $8.1 billion in September to $5.4 billion in October. This was the lowest deficit since January 2021.