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Canada’s trade surplus sharply narrowed to $769 million in July from $4.2 billion in June, driven by a decrease in gold exports to the U.S.
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Total exports decreased 2.3 per cent in July, the first decline in six months, according to Statistics Canada on Thursday. Exports of metallic and non-metallic mineral products were one of the categories that posted the largest declines — 8.5 per cent — due to lower purchases of Canadian-held gold by foreign residents and lower gold shipments to the United States.
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The agency also said falling gold prices contributed to the decline in exports.
Exports of energy products dipped 4.4 per cent in July due to a decrease in crude oil exports, both in prices and volumes. Crude oil prices bounced back in July, but they were below the average observed in June.
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Total imports rose 2.2 per cent in July, driven by motor vehicles and parts, which rose by a record high of 11.4 per cent. Statistics Canada said July is usually the time when auto assembly plants temporarily close for maintenance, retooling and summer holidays, but the closures were less pronounced this year, especially in the U.S.
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Canada’s trade surplus with the U.S. narrowed to $5.9 billion in July from $10.3 billion in June, making it the lowest surplus since February 2026. Exports to the U.S. fell 6.6 per cent in July, while imports increased 1.8 per cent.
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Canada’s trade deficit with non-U.S. markets narrowed to $5.1 billion in July from $6.1 billion in June and was the lowest deficit since January 2021.
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Exports to non-U.S. markets rose 7.4 per cent to reach a record high of $25.6 billion in July, with higher shipments to the Netherlands, China and Germany contributing the most to the increase.
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Imports from non-U.S. markets rose 2.8 per cent in July, with higher shipments from China being offset by lower shipments from Germany.
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In real or volume terms, imports increased 2.2 per cent while exports declined 1.5 per cent.
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English (US)