Canada's Merchandise Trade Deficit With the World Narrowed, And Trade Surplus With the U.S. Widened In July

08:51 AM EDT, 09/04/2025 (MT Newswires) -- Canada's merchandise trade deficit with the world narrowed, and trade surplus with the United States widened in July, the nation's statistics agency, Statistics Canada, said Thursday.

Statistics Canada noted the global deficit narrowed to $4.9 billion in July from $6.0 billion in June as merchandise exports rose 0.9%, while imports were down 0.7% month over month. July's trade deficit was slightly lower than the $5.2 billion consensus deficit provided by MUFG.

Increases in exports were observed in seven of the 11 product sections in July 2025, noted StatCan. In real (or volume) terms, total exports rose 1.6% month over month. Gains in imports were observed in 10 of the 11 product sections. In real (or volume) terms, total imports fell 0.9% in July.

Canada's trade surplus with the U.S. widened to $6.7 billion in July, from $3.7 billion in June, marking the largest surplus since March 2025, added StatsCan. Exports to the U.S. increased 5.0% month over month in July, in part because of higher exports of crude oil and passenger cars. Imports from the U.S. fell 2.2% in July 2025, a fourth decrease in five months.

Canada's trade deficit with countries other than the U.S. widened from $9.7 billion in June to $11.7 billion in July. Exports to countries other than the U.S. were down 8.6% month over month in July, a second consecutive monthly decline. Imports from countries other than the U.S. increased 1.3% in July.

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