Statistics Canada announced that Canada’s merchandise exports increased 6.3% in September, while imports were down 4.1%. Because of these strong opposing movements, Canada’s merchandise trade deficit with the world went from a deficit of $6.4 billion in August to a slight surplus of $153 million in September.
The Federal Agency highlights that total exports rebounded 6.3% in September after falling 3.2% in August. This was the largest percentage increase since February 2024. Overall, gains were observed in 9 of the 11 product sections in September 2025. Exports of metal and non-metallic mineral products posted the largest increase, driven by higher exports of unwrought gold. Excluding exports of unwrought gold, silver, and platinum group metals, and their alloys, total exports were up 4.5% in September.
Total imports were down 4.1% in September after rising 1.0% in August. Overall, decreases were observed in 7 of the 11 product sections. Almost two-thirds of the decline was attributable to lower imports of metal and non-metallic mineral products, with imports of unwrought gold posting a sharp drop in September. Excluding unwrought gold, silver, and platinum group metals, and their alloys, total imports were down 1.5%.
Exports to the United States were up 4.6% in September, partly due to higher exports of aircraft, light trucks and unwrought gold. Meanwhile, imports from the United States declined 1.7% in September, a third consecutive monthly decrease. Canada’s trade surplus with the United States widened from $6.0 billion in August to $8.6 billion in September, the largest surplus since February 2025.
Exports to countries other than the United States rose sharply (+11.0%) in September. Higher exports to Switzerland (unwrought gold), Germany (crude oil) and Singapore (crude oil and aircraft) contributed the most to this growth. Meanwhile, imports from countries other than the United States fell 7.3% in September. Imports from Switzerland (unwrought gold) and China (various products) were the main contributors to the decline. Canada’s trade deficit with countries other than the United States narrowed from an all-time high of $12.4 billion in August to $8.5 billion in September. This is the lowest deficit since October 2024.