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Canada’s trade deficit shrank in December 2025, driven by higher exports and a record rise in non-U.S. sales, though the annual deficit hit its highest since 2020.
Canada’s merchandise trade deficit narrowed to C$1.31 billion in December 2025, down from a revised C$2.59 billion in November, according to Statistics Canada.
Exports rose 2.6% to C$65.63 billion, driven by higher gold shipments, especially to the UK, while imports increased 0.6% to C$66.93 billion.
The U.S. share of Canadian exports fell to 67.4%, the lowest on record outside pandemic periods, as exports to non-U.S. markets hit a record high.
The trade surplus with the U.S. declined to C$5.7 billion, while the deficit with other countries narrowed to C$7 billion.
For the full year, Canada recorded a C$31.3 billion trade deficit—the largest since 2020—due to a 0.2% drop in exports and a 2.8% rise in imports.
El déficit comercial de Canadá se redujo en diciembre de 2025, impulsado por mayores exportaciones y un aumento récord en las ventas fuera de los Estados Unidos, aunque el déficit anual alcanzó su nivel más alto desde 2020.