Thursday's International Merchandise Trade Figures Could Drive Canadian GDP Revision, Says Scotiabank

BY MT Newswires | ECONOMIC | 12/11/25 08:19 AM EST

08:19 AM EST, 12/11/2025 (MT Newswires) -- Canada will release international merchandise trade data for September at 8:30 a.m. ET on Thursday, said Scotiabank.

Normally, markets get the United States advance merchandise figures before the full set of accounts that are due on Thursday, but that advance report was a casualty of the recent U.S. government shutdown, noted the bank.

The figures matter more to Canada than the U.S., stated Scotiabank. That's because of the role that imports played in propelling Q3 Canadian gross domestic product to a 2.6% quarter-over-quarter seasonally adjusted annual rate.

That was based on made-up trade figures in the absence of anything more concrete. There could be implications for GDP revisions, but the bank can't tell the direction and magnitude until it sees the numbers.

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